Former Formula One boss Bernie Ecclestone is facing fraud charges after coming under investigation by UK tax authorities.
A “complex and worldwide” investigation was made by Her Majesty’s Revenue and Customs into the 91-year-old’s finances who found over £400 million ($NZD778.5 million) worth of undeclared assets overseas.
“The criminal charge relates to projected tax liabilities arising from more than £400m of offshore assets which were concealed from Her Majesty’s Revenue and Customs,” said Simon York from HM Revenue and Customs.
The UK’s Crown Prosecution Service (CPS) said it had “authorised the charging of Bernard Charles Ecclestone with fraud by false representation, following a [HM Revenue and Customs] investigation.”
A court hearing on the matter is scheduled to take place on August 22 at Westminister magistrates court.
Ecclestone is well known for his contribution to Formula One, pioneering the sale of the sport’s television rights in the late 1970s which he gained much of his wealth from.
In 2017, it was announced that Ecclestone was being replaced by Chase Carey as CEO of the Formula One group.