Bernie Ecclestone denies fraud over ‘failure to declare £400m in overseas assets’
91-year-old billionaire alleged to have failed to declare trust fund in Singapore for daughter
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Former Formula One boss Bernie Ecclestone has denied fraud over an alleged failure to declare £400m of overseas assets to the UK government.
The 91-year-old billionaire is accused of failing to declare to HM Revenue and Customs a trust in Singapore with a bank account containing around $650m (£553m).
Photographers and camera operators watched on as the businessman arrived at Westminster Magistrates’ Court on Monday morning, having been warned in advance not to mob him because of his age.
His white Range Rover, with a personalised number plate, passed three times before Mr Ecclestone left the vehicle dressed in a dark three-piece suit, white shirt and dark tie.
He was escorted by court security along with his legal team.
Chief magistrate Paul Goldspring allowed him to stand outside the dock after his barrister Clare Montgomery QC said her client was “having a little bit of trouble hearing”.
Mr Ecclestone stood to confirm his name, date of birth and address in Knightsbridge, central London, before indicating a not guilty plea to a charge of fraud by false representation between 13 July, 2013 and 5 October, 2016.
He was granted unconditional bail ahead of his next appearance at Southwark Crown Court on 19 September.
According to the charge, the business magnate allegedly claimed he had “established only a single trust, that being one in favour of your daughters”.
He is also alleged to have said “other than the trust established for your daughters you were not the settlor nor beneficiary of any trust in or outside the UK”.
Mr Ecclestone, who has three daughters, Deborah, 67, Tamara, 38, and Petra, 33, and an infant son, Ace, is accused of “intending to make a gain, namely not stated, for yourself”.
The charge against the billionaire was authorised by the Crown Prosecution Service (CPS) last month after an investigation by HM Revenue and Customs (HMRC), which said the probe had been “complex and worldwide”.
Chief crown prosecutor Andrew Penhale said at the time: “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 £400m.”