Formula One boss Bernie Ecclestone has been charged with fraud by misrepresentation, the Crown Prosecution Service has said.
The 91-year-old billionaire businessman failed to declare overseas assets believed to be worth in excess of £400 million, according to investigators.
The allegation was authorized by the Crown Prosecution Service (CPS) on Monday following an investigation by the Tax and Customs Service (HMRC).
Andrew Penhale, Crown Prosecutor, said: “CPS has reviewed the record of evidence from HMRC and has brought charges against Bernard Ecclestone of fraud by misrepresenting facts regarding him. failed to disclose to HMRC the existence of assets held abroad believed to be valued in excess of £400 million.”
Simon York from HMRC said the investigation was “complex and worldwide” and involved “expected tax liabilities arising from more than £400 million in offshore assets concealed by HMRC”.
“HMRC is on the side of honest taxpayers and we will take tough action wherever we suspect tax fraud,” he said.
“Our message is clear – no one is out of our reach.”
The case will first be heard at Westminster Magistrates’ Court on August 22.
Mr Ecclestone’s long control over Formula One ended in 2017when he stepped down as chief executive officer.
According to Forbes, his fortune is said to be worth more than £2.5 billion.
