Ecclestone pleaded not guilty to a criminal fraud charge over his alleged failure to declare the millions of dollars held in the trust in Singapore to the British government at Southwark Crown Court in London on June 6
Bernard Ecclestone, a former chief executive officer of Formula One, faces trial in the UK for fraud and tax evasion in relation to a
trust fund of over £400 million in Singapore. The British tycoon will be tried in the UK High Court on November 16 for allegedly fraudulently hiding more than £400 million from the British government in the Singapore trust,The 92-year-old Ecclestone headed Formula One from the late 1970s until he stepped down as Formula One CEO in January 2017. The former race car driver and the Singapore Tourism Board introduced the Formula One race to Singapore in 2007.
The former Formula One supremo is accused of falsely claiming he had only set up a single trust for his daughters and indicating that, other than that trust, he was not the settlor nor beneficiary of any trust in or outside the UK, said the Daily Mail.it had authorised the charging of Ecclestone with fraud by false representation, following an investigation by the British tax authority, His Majesty’s Revenue and Customs .
Andrew Penhale, Chief Crown Prosecutor, said on 11 July 2022, “The CPS has reviewed a file of evidence from HMRC and has authorised a charge against Bernard Ecclestone of fraud by false representation in respect of his failure to declare to HMRC the existence of assets held overseas believed to be worth in excess of £400 million.”
Simon York, Director of Fraud Investigation Service at HMRC, said on 11 July 2022, “We can confirm that a fraud by false representation charge has been authorised against Bernard Ecclestone. 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 £400 million of offshore assets which were concealed from HMRC.
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