Ex-Formula 1 chief Ecclestone denies multi-million dollar fraud in court

Ex-Formula 1 chief Ecclestone denies multi-million dollar fraud in court

Former Formula 1 chief Bernie Ecclestone has denied in court that he is guilty of defrauding millions of dollars. The first hearing in the case against the 91-year-old Briton was held in London on Monday. The judge ruled that Ecclestone could remain free on bail until September 19, when the next preliminary hearing takes place.

Ecclestone has been accused of failing to declare overseas assets worth £400m to British tax authorities. The prosecution says it has a dense file full of evidence that justifies the indictment.

The indictment also shows that Ecclestone is suspected of non-disclosure of assets in Singapore worth approximately 650 million euros. The wealth of the British people is estimated at about 3 billion euros.

Ecclestone has ruled Formula 1 for decades, making the major motorsport class a huge commercial success. His reign ended in 2017, after US company Liberty Media became the owner of Formula 1.

Ecclestone was accused of bribery in Germany in 2014. He is said to have bribed a German banker who had to oversee a stock transaction for him. At the time, the Briton bought a lawsuit and with it a possible prison sentence by paying a settlement of 75 million euros.

AP

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