Ecclestone denies fraud charge over S'pore assets

LONDON • Former Formula One supremo Bernie Ecclestone has indicated a not-guilty plea to a charge of fraud over a failure to declare more than £400 million (S$659 million) of overseas assets, Sky News reported yesterday.

Bloomberg reported that the undeclared assets were held in a Singapore bank after a "complex" global investigation by British government agency, Her Majesty's Revenue and Customs (HMRC).

Chief Crown prosecutor Andrew Penhale said last month: "The CPS (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 £400 million."

Ecclestone has been charged with failing to declare the overseas account following an investigation into his finances by the tax authority, Robert Simpson, a prosecution lawyer, said.

Ecclestone previously told investigators that he had established a single trust in favour of his two daughters, Tamara, 38, and Petra, 33, Simpson added.

The charge relates to false representation that took place between July 2013 and October 2016 as he was reportedly asked by tax men about any trusts placed abroad that he was involved with, but he did not declare the Singapore trust.

Appearing at London's Westminster Magistrates Court, the 91-year-old confirmed his name, date of birth and address before indicating a not-guilty plea, Sky reported.

The judge reportedly told him: "Given the value of the alleged fraud, if convicted, this court would not have sufficient sentencing powers."

The tycoon, who was granted unconditional bail ahead of his next appearance, will be tried at Southwark Crown Court and the next hearing is scheduled for Sept 19.

BLOOMBERG, REUTERS