Former Formula 1 boss Bernie Ecclestone denies fraud allegations Business news

LONDON (AP) — Former Formula 1 boss Bernie Ecclestone on Monday denied fraud charges over his alleged failure to declare millions of pounds ($) in foreign assets.

Ecclestone, 91, pleaded not guilty during a brief hearing at Westminster Magistrates’ Court in London.

Prosecutors charged him with fraud by false representation between July 2013 and October 2016 after British tax officials launched a global investigation into Ecclestone’s finances.

Prosecutor Robert Simpson told the court that Ecclestone failed to declare a Singapore trust from a bank account containing about $650 million when asked about overseas trusts in which he was involved.

The business tycoon, dressed in a three-piece suit, was escorted out of the courthouse by security guards and his lawyers. He was released on unconditional bail ahead of his next appearance at Southwark Crown Court on September 19.

Ecclestone presided over Formula One racing and oversaw the sport for four decades from the 1970s to 2017, when he stepped down as chief executive and Liberty Media took over the series.

He was arrested in Brazil in May for having a gun in his luggage when boarding a plane.

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