The former Formula One chief executive, Bernie Ecclestone, pleaded not guilty to a criminal charge of fraud on Jun. 6, 2023, Bloomberg reported.
According to The Guardian, the UK's tax agency, HM Revenue and Customs (HMRC), launched an investigation into the 92-year-old in July 2022, which they called “complex and worldwide”.
The investigation covered a period between Jul. 13, 2013 to Oct. 5, 2016.
The tax agency accused Ecclestone of failing to declare S$650 million dollars in assets in a Singapore bank, which has not been named.
He had previously claimed that he had only set up a single trust for his daughters and other than that, he was "not the settlor nor beneficiary of any trust in or outside the UK".
Since the charges were announced in July 2022, Ecclestone has appeared in court at least two other times so far, once in August 2022, and once more in April 2023.
His trial is scheduled to begin on Nov. 16, 2023.
Who is Bernie Ecclestone?
Ecclestone, whose net worth is estimated to be around S$3.8 billion, was the former chief executive of the Formula One group.
He began as a racing driver in 1958 and then became a team owner in 1972.
He is credited for growing the racing industry from a hobbyist sport to the global spectacle it is today, earning him the moniker, “F1 supremo”.
As chief executive of the Formula One group, Ecclestone oversaw Singapore’s addition to the F1 circuit in 2008.
The Singapore Grand Prix was the first night-time event in Formula One history.
Reuters reported in 2007 that Ecclestone said Singapore’s addition into the F1 fixture could not have been possible without the Malaysian billionaire, Ong Beng Seng, who was based in Singapore and owns Hotel Properties Ltd.
“BS (Beng Seng) and I have been friends for many, many years and we are trying to put it together,” said Ecclestone.
Ong is currently assisting the Corrupt Practices Investigation Bureau (CPIB) with an ongoing investigation.
Ecclestone stepped down as F1 CEO in 2017, and was replaced by Chase Carey.
Ecclestone took on an advisory role.
This is not the first time the former F1 boss has been caught up in a tax evasion scandal.
According to the BBC, in 2008, he avoided a potential £1.2 billion tax bill as a result of a secret deal with HMRC, paying only £10 million instead.
Top photos from the Singaporegp website and Ryan Bayona