Bernie Ecclestone: what is the fraud charge against him, and what happened during his court appearance?

Bernie Ecclestone is accused of failing to delare a trust in Singapore with a bank account containing around $650 million
Bernie Ecclestone arriving at court where he denied fraud by false representation over an alleged failure to declare £400 million of overseas assets.Bernie Ecclestone arriving at court where he denied fraud by false representation over an alleged failure to declare £400 million of overseas assets.
Bernie Ecclestone arriving at court where he denied fraud by false representation over an alleged failure to declare £400 million of overseas assets.

Former Formula One boss Bernie Ecclestone has denied fraud over an alleged failure to declare to the Government more than £400 million in a trust in Singapore.

The 91-year-old was charged after a probe by HM Revenue and Customs (HMRC), which would have allowed the business magnate to draw a line under any previous tax irregularities, Westminster Magistrates’ Court heard.

Hide Ad
Hide Ad

He is accused of failing to declare a trust in Singapore with a bank account containing around 650 million US dollars.

The billionaire was met by photographers and camera operators, who had been warned by police not to mob him because of his age, as he entered court on Monday morning.

His white Range Rover, with a personalised number plate, passed three times before the business magnate left the vehicle dressed in a dark three-piece suit, white shirt and dark tie.

Ecclestone was escorted through the building’s exit by court security along with his legal team.

What happened during the hearing?

Hide Ad
Hide Ad

Chief Magistrate Paul Goldspring allowed him to stand outside the dock after his barrister, Clare Montgomery QC, said her client was “having a little bit of trouble hearing”.

Ecclestone stood to confirm his name and address, before indicating a not guilty plea to a charge of fraud by false representation between 13 July 2013 and 5 October 2016.

Prosecutor Robert Simpson told the court: “This charge arises out of a Revenue and Customs (HMRC) investigation into Mr Ecclestone’s finances.

“This would have allowed him to enter into a structural disclosure facility which would’ve drawn a line under any previous tax irregularities.

Hide Ad
Hide Ad

“During the course of that investigation he was asked about any trusts placed abroad that he was involved with.

“The Crown has based this charge on the basis he failed to declare a trust in Singapore with a bank account containing approximately 650 million US dollars.”

When is the next hearing?

Ecclestone was granted unconditional bail ahead of his next appearance at Southwark Crown Court on 19 September during the hearing, which lasted around five minutes.

The judge told him: “Given the value of the alleged fraud, if convicted, this court would not have sufficient sentencing powers.”

Hide Ad
Hide Ad

According to the charge, the business magnate allegedly claimed that he had “established only a single trust, that being one in favour of your daughters”.

He is also alleged to have said “other than the trust established for your daughters you were not the settlor nor beneficiary of any trust in or outside the UK”.

Ecclestone, who has three grown-up daughters – Deborah, 67, Tamara, 38, and Petra, 33 – and a young son allegedly made the representations “intending to make a gain, namely not stated, for yourself”.