Daily Management Review

Ex-Formula 1 chief Ecclestone accused of over £400 million fraud


According to Reuters, citing the Crown Prosecution Service of Great Britain, Bernie Ecclestone, the former president of Formula One, is accused of defrauding foreign entities of more than £400 million.

Habeed Hameed
Habeed Hameed
The 91-year-old businessman was charged following an investigation by Her Majesty's Revenue and Customs.

The case against Mr. Ecclestone is "fraud by false representation" because he failed to inform HM Revenue & Customs of the existence of foreign assets worth more than £400 million, according to chief prosecutor Andrew Penhale.

"In cases where we suspect tax fraud, HM Revenue & Customs will act firmly on behalf of honest taxpayers. No one is beyond our reach, and this is our unambiguous message," Penhale noted.

On August 22, there will be the first hearing in the case. The entrepreneur could receive a fine and a maximum sentence of 10 years in prison.

source: reuters.com