Image Credits - CNBC
According to Chief Crown Prosecutor Andrew Penhale in London on Monday, UK tax authorities have authorized fraud charges against former Formula One racing head Bernie Ecclestone for his failure to report more than $477 million in overseas assets.
According to Simon York, who was speaking on behalf of the agency, “the allegations relate to estimated tax liabilities deriving from more than $470 million of offshore assets which are disguised from Her Majesty’s Revenue and Customs [HMRC].” The allegations, according to York, are connected to a “complex and global” probe into Ecclestone’s financial situation.
As per York, “Wherever we detect tax fraud, HMRC will act toughly since we are on the side of honest taxpayers. No one is beyond our grasp, that is our obvious message.”
Ecclestone, who over decades single-handedly revolutionized F1 and attracted criticism for his opaque business practices, said he was not shocked by the allegations but was unable to react since he had not yet seen them. Ecclestone established a large family enterprise out of the sport.
Speaking to Reuters news agency from his house in Ibiza, Spain, the 91-year-old multi-billionaire said: “It’s something that was predicted to happen quite some time ago. They may have become enthusiastic once more. Let’s wait and see.”
Ecclestone spent more than 50 years in Formula One, first as a driver, then as a team owner, and last as the “supremo” of the entire sport. In 2017, when Liberty Media acquired F1, Ecclestone was forced to resign, and Chase Carey took over as CEO of the Formula One Group.
On August 22, the case is anticipated to commence at Westminster Magistrates’ Court in London. Ecclestone sparked controversy recently by declaring that he would “take a bullet.” “after Russia’s invasion of Ukraine, for Vladimir Putin. The Russian president, according to Ecclestone, was an “intelligent” and “first-class guy” who “believed he was doing the right thing for Russia.” “.
Additionally, he had criticized Ukraine’s response to Russia’s military operations, telling AFP last month: “Ukraine taking on Russia is a little like me arguing with Mike Tyson or another heavyweight fighter. Without a doubt, I wouldn’t have started the fight.”
Ecclestone later said, “I’m sorry if anything I said has offended anyone because it surely wasn’t intended,” in a statement to Sky Sports.
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