Asset formula

Ex-F1 boss Ecclestone charged with massive asset fraud | News | DW

British tax authorities have cleared fraud charges against former Formula 1 boss Bernie Ecclestone for failing to declare more than $477 million (473 million euros) in foreign assets, the prosecutor said on Monday of the Andrew Penhale Crown in London.

“The charges relate to proposed tax liabilities arising from over £400 million of offshore assets which are concealed from HM Revenue and Customs [HMRC]said Simon York, on behalf of the agency. York said the charges relate to a “complex and global” investigation into Ecclestone’s finances.

York said “HMRC is on the side of honest taxpayers and we will take tough action wherever we suspect tax evasion. Our message is clear: no one is beyond our reach.”

Ecclestone, who single-handedly built a huge family empire out of F1 as he modernized the sport over the decades – and has drawn attention in the past for the opaque way he conducts his business – said that he wasn’t surprised by the accusations, though couldn’t comment as he hadn’t seen them yet.

Speaking from his home in Ibiza, Spain, the 91-year-old multi-billionaire told Reuters news agency: “It’s something we were talking about…a while ago. They’re probably all excited again. see what happens.”

After more than 50 years in F1 – first as a driver, then team owner and finally as the ‘supremo’ of the whole sport – Ecclestone was forced to step down in 2017, when F1 was bought by the American company Liberty Media and he was replaced by Chase Carey as CEO of the Formula One Group.

The case is due to start on August 22 at Westminster Magistrates’ Court in London.

js/fb (AFP, AP, Reuters)

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