Ex-F1 boss Bernie Ecclestone facing fraud charge over £400 million of overseas assets

Former Formula One boss Bernie Ecclestone will be charged with fraud by false representation over an alleged failure to declare £400 million of overseas assets to the government.

The charge against the 91-year-old was authorised by the Crown Prosecution Service (CPS) on Monday following an investigation by Her Majesty's Revenue and Customs (HMRC). Andrew Penhale, chief crown prosecutor, said the CPS reviewed a file of evidence from HMRC and has authorised a charge against 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".

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The first hearing in Ecclestone's case is expected on August 22 at Westminster Magistrates Court.

Simon York, director of HMRC’s Fraud Investigation Service, said the investigation had been “complex and worldwide”.

“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," he added.