Former Formula One boss Bernie Ecclestone is to be charged with fraud by false representation over an alleged failure to declare £400 million ($477m) In overseas assets to the British government, prosecutors said on Monday.
The charge against the 91-year-old was authorised by the Crown Prosecution Service after an investigation by the UK's HM Revenue and Customs (HMRC).
“The [Crown Prosecution Service] 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 £400m,” said Andrew Penhale, the chief crown prosecutor.
Mr Ecclestone is the former chief executive of the Formula One Group, which manages Formula One motor racing and holds the commercial rights to the sport.
After four decades at the top of the sport, his financial worth has been estimated at £2.5 billion, Forbes magazine reported.
He is widely credited with transforming Formula One into a commercial powerhouse. Following a brief career as a racing driver in the late 1950s, he became the owner of the Brabham F1 team.
Mr Ecclestone's control over F1 developed from what was then the pioneering sale of television rights in the late 1970s.
He was removed from his position as chief executive of Formula One Group in January 2017 following its takeover by Liberty Media.
Simon York of HMRC said the investigation had been “complex and worldwide”.
“We can confirm that a fraud by false representation charge has been authorised against Bernard Ecclestone,” he said.
“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.”
He added: “Our message is clear — no one is beyond our reach.”
The case will first be heard at Westminster Magistrates' Court on August 22.
Remaining Fixtures
Wednesday: West Indies v Scotland
Thursday: UAE v Zimbabwe
Friday: Afghanistan v Ireland
Sunday: Final
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- Individuals must register on UAE Drone app or website using their UAE Pass
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- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
It’ll be summer in the city as car show tries to move with the times
If 2008 was the year that rocked Detroit, 2019 will be when Motor City gives its annual car extravaganza a revamp that aims to move with the times.
A major change is that this week's North American International Auto Show will be the last to be held in January, after which the event will switch to June.
The new date, organisers said, will allow exhibitors to move vehicles and activities outside the Cobo Center's halls and into other city venues, unencumbered by cold January weather, exemplified this week by snow and ice.
In a market in which trends can easily be outpaced beyond one event, the need to do so was probably exacerbated by the decision of Germany's big three carmakers – BMW, Mercedes-Benz and Audi – to skip the auto show this year.
The show has long allowed car enthusiasts to sit behind the wheel of the latest models at the start of the calendar year but a more fluid car market in an online world has made sales less seasonal.
Similarly, everyday technology seems to be catching up on those whose job it is to get behind microphones and try and tempt the visiting public into making a purchase.
Although sparkly announcers clasp iPads and outline the technical gadgetry hidden beneath bonnets, people's obsession with their own smartphones often appeared to offer a more tempting distraction.
“It's maddening,” said one such worker at Nissan's stand.
The absence of some pizzazz, as well as top marques, was also noted by patrons.
“It looks like there are a few less cars this year,” one annual attendee said of this year's exhibitors.
“I can't help but think it's easier to stay at home than to brave the snow and come here.”
Naga
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