On Monday, a fraud accusation was brought against former Formula One boss Bernie Ecclestone regarding his alleged failure to disclose millions of dollars worth of foreign assets.
Ecclestone disputed the accusation after a quick hearing in Westminster Magistrates’ Court in London, as the 91-year-old pleaded not guilty.
Following an extensive global investigation into Ecclestone’s finances by British tax inspectors, prosecutors filed charges of fraud by false representation between July 2013 and October 2016.
When asked about any foreign trusts he was involved with, Ecclestone allegedly failed to disclose one in Singapore with a bank account holding around $650 million, according to prosecutor Robert Simpson.
Security guards and the business tycoon’s legal team led the three-piece suit-clad billionaire out of the courthouse. Prior to his subsequent court appearance on September 19 at Southwark Crown Court, he was granted unconditional bail.
Ecclestone oversaw Formula One racing and had complete control of the sport from the 1970s until 2017, when he resigned as CEO and Liberty Media took over the championship.
It is not the first time that Ecclestone has had a brush with the law, he was previously taken into custody in Brazil in May for boarding a plane while in possession of a gun in his luggage.