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Ex-Formula 1 CEO Bernie Ecclestone will be charged with fraud for his alleged failure to declare the existence of overseas assets estimated to be worth over £400million.

On Monday, it emerged that the Crown Prosecution Service had authorised the charging of 91-year-old Ecclestone following an HMRC investigation.

“The CPS has reviewed a file of evidence from HMRC and has authorised a charge against Bernard Ecclestone of fraud by false representation in respect of his failure to declare to HMRC the existence of assets held overseas believed to be worth in excess of £400m,” chief crown prosecutor Andrew Penhale said.

“The Crown Prosecution Service reminds all concerned that criminal proceedings against this defendant are now active and that they have a right to a fair trial.

“It is extremely important that there should be no reporting, commentary or sharing of information online which could in any way prejudice these proceedings.”

Simon York, the director of the Fraud Investigation Service (FIS) within HMRC, added “this follows a complex and worldwide criminal investigation by HMRC’s Fraud Investigation Service.

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

“We remind people to refrain from commentary or sharing of information that could prejudice proceedings in any way.
“This is now a matter for the courts, and we will not be commenting further.”
The first hearing in the case will take place on August 22 at Westminster Magistrates Court in London.

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