According to Ecclestone, these charges don’t come as a surprise. Source: Shutterstock.
The former F1 CEO has been charged with fraud after it was alleged he failed to declare over $700,000,000 worth of international assets.
It was announced by the Crown Prosecution Service (CPS) in the UK on Monday, who said that an investigation was carried out by Her Majesty’s Revenue and Customs (HMRC) that found evidence to make the charge.
“The criminal charge relates to projected tax liabilities arising from more than £400m of offshore assets which were concealed from HMRC,” said Director of Fraud Investigation Service at HMRC, Simon York.
“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.”
Ecclestone did not initially comment on the charge however later spoke to Reuters.
“It’s something that has been talked about happening, but not in the way you said, something a little bit different to that, quite a while ago,” he said.
“They’ve probably got all excited again, let’s see what happens.”
He then said he would take legal action against the HMRC after they allegedly didn’t stick to an agreement made in 2008 over a trust fund that was set up for his ex-wife and children.
His estimated fortune-according to Forbes- is about A$4.4 billion but it isn’t the first time Mr Ecclestone has had a run in with the law.
Earlier in the year he was arrested in Brazil for carrying a handgun in his luggage when he was on his way to Switzerland on his private jet, however, nothing came of the charges, and he was let go after saying that he wasn’t sure how it got in there, despite admitting to ownership.
The first hearing is scheduled for 10 am on 22 August at Westminster Magistrates Court said the CPS.
Mr Ecclestone was CEO of F1 for more than four decades, giving up his position to Liberty Media in 2017.
