Following an HMRC investigation, former F1 boss Bernie Ecclestone will allegedly be charged with a £400 million fraud.
In response to claims of fraud by false representation, the CPS has authorized the proceeding.
It comes after what HMRC described as a “complex and international criminal investigation.”
“The CPS has reviewed a file of evidence from HMRC and has authorized a charge against Bernard Ecclestone of fraud by false representation in respect to his failure to disclose to HMRC the existence of assets held overseas that are believed to be worth in excess of £400 million,” said Andrew Penhale, Chief Crown Prosecutor.
‘The Crown Prosecution Service reminds all concerned that criminal proceedings against this defendant are now active and that they have a right to a fair trial.
‘It is extremely important that there should be no reporting, commentary or sharing of information online which could in any way prejudice these proceedings.’
Mr. Ecclestone divides his time between his estate in Ibiza, where he was last seen a week ago during a catastrophic media tour where he lauded Vladimir Putin, his coffee farm outside of Sao Paulo, Brazil, a mansion in Gstaad, Switzerland, and his coffee farm in Brazil.
Later, he offered his regrets for calling Putin a “first class person” and said that he would “take a bullet for him.” Over the weekend, he missed the Austrian grand prix.
We can confirm that Bernard Ecclestone has been charged with fraud by false representation, according to Simon York, Director of HMRC’s Fraud Investigation Service (FIS).
‘This follows a complex and worldwide criminal investigation by HMRC’s Fraud Investigation Service.
‘The criminal charge relates to projected tax liabilities arising from more than £400m of offshore assets which were concealed from HMRC.
‘HMRC is on the side of honest taxpayers and we will take tough action wherever we suspect tax fraud. Our message is clear – no one is beyond our reach.
‘We remind people to refrain from commentary or sharing of information that could prejudice proceedings in any way.
‘This is now a matter for the courts and we will not be commenting further.’
With his wife Fabiana, whom he married in 2012, Mr. Ecclestone welcomed son Ace in July, becoming a parent for the fourth time.
The multibillionaire industrialist is already a father to Petra, Tamara, and Deborah Ecclestone, all of whom are 66 years old.
Before he gave birth to socialites Tamara and Petra with his second wife Slavica Radi, he gave birth to Deborah to his first wife Ivy Bamford.
Three years after divorcing Croatian Slavica, Bernie wed Fabiana. He told the Swiss daily Blick in April that he and Fabiana were expecting a child.