Former F1 CEO Bernie Ecclestone Faces Fraud Charge of Over £400M

According to British prosecutors, the 91-year-old held the undeclared assets overseas.

British prosecutors announced Monday that former Formula One CEO Bernie Ecclestone will be charged with one count of fraud by false representation. 

The charge centers around more than £400 million ($477 million) in undeclared overseas assets. An investigation by Her Majesty’s Revenue and Customs discovered the 91-year-old allegedly failed to report the assets, but the prosecutor did not disclose where the assets were held. 

Simon York, director at the Fraud Investigation Service of Her Majesty’s Revenue and Customs, said this announcement comes after a “complex and worldwide” investigation into Eccleston. 

“The criminal charge relates to projected tax liabilities arising from more than 400 million pounds of offshore assets which were concealed from Her Majesty’s Revenue and Customs,” he said, per the Associated Press. York added, “Our message is clear—no one is beyond our reach.”

The first hearing is scheduled for Aug. 22 at London’s Westminster Magistrates Court.

Ecclestone was the head of Formula One for four decades, stretching from the 1970s to 2017. He stepped down as Liberty Media, an American media company, took over the sport. The F1 mogul was arrested in Brazil earlier this year for having a gun in his luggage while boarding a plane.