Former Formula One boss Bernie Ecclestone will be charged with fraud by false representation following an investigation by UK tax authorities which claims to have uncovered more than £400m worth of undeclared assets overseas.
The UK’s Crown Prosecution Service (CPS) said on Monday it had “authorized the prosecution of Bernard Charles Ecclestone for fraud by false representation following [HM Revenue and Customs] investigation”. The investigation has been dubbed Operation Galska by the authorities.
Ecclestone, 91, ran Formula 1, the world’s most lucrative motorsport tournament, almost single-handedly for 40 years until it was taken over by Liberty Media in 2017. During his time in charge of the sport, Ecclestone amassed a huge fortune estimated at £2.5 billion in May from the Sunday Times.
The first hearing in the tax case is scheduled for August 22 at Westminster Magistrates’ Court.
Andrew Penhale, Attorney General for the Crown, said: “CPS reviewed a file of evidence from HMRC and authorized the prosecution of Bernard Ecclestone for fraud by misrepresentation in relation to his failure to declare to HMRC the existence of assets held overseas for which believed to be worth over £400 million.
“The Crown Prosecution Service reminds all those concerned that the criminal proceedings against this accused are now active and that they are entitled to a fair trial. It is extremely important that there is no reporting, commenting or sharing of information online that could in any way prejudice this proceeding.
Sign up for the Business Today daily email or follow Guardian Business on Twitter at @BusinessDesk
Ecclestone is married to Brazilian-born Fabiana Ecclestone, who is vice-president of the Fédération Internationale de l’Automobile (FIA), motorsport’s governing body, and a member of the World Motor Sport Council.
Simon Yorke, director of HMRC’s fraud investigation service, said the tax authorities had carried out a “sophisticated and global criminal investigation”.
“HMRC is on the side of honest taxpayers and we will take strong action when we suspect tax fraud,” said Yorke. “Our message is clear – no one is beyond our reach.”
Add Comment