LONDON (REUTERS, BLOOMBERG) - 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 on Monday (Aug 22).

Bloomberg reported that the undeclared assets were held in a Singapore bank.

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

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.

Ecclestone previously told investigators that he had established a single trust in favour of his two daughters, Simpson said. The charge relates to false representation that took place between July 2013 and October 2016.

The tycoon, who was granted unconditional bail, will be tried at Southwark Crown Court. The next hearing is scheduled for Sept 19.