F1 Billionaire Bernie Ecclestone Lands in $475 Million Scandal

Ex-F1 supremo, Bernie Ecclestone is in the grips of controversy once again. The British business magnate has been charged with fraud. He has been charged due to his failure to declare £400m of overseas assets to the government.

Ecclestone was charged by the Crown Prosecution Service (CPS) on Monday after an investigation by Revenue and Customs (HMRC). Andrew Penhale, Chief Crown Prosecutor, said: “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 ($475 million).”

Simon York of HMRC said, “We can confirm that a fraud by false representation charge has been authorised against Bernard Ecclestone”.

He added, “The criminal charge relates to projected tax liabilities arising from more than £400m of offshore assets which were concealed from HMRC.”

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Ecclestone is in the spotlight once again. He had just apologized for his comments on Vladimir Putin. He will now face an uphill slog once again, trying to clear his name.

Bernie Ecclestone tracks back on his Vladimir Putin comments

Recently, Bernie Ecclestone made some comments in support of the Russian President, Vladimir Putin. However, after facing much backlash, Ecclestone has tracked back on his words and has come out with an apology.

Speaking to Sky Sports, the Briton said, “Often, people say or do things without doing too much thinking. “Probably I did the same.” 

He added, “People think I’m defending what he’s done in Ukraine, which I didn’t. I was brought up during the war, so I know what it’s like and I feel sorry for the people of Ukraine having to suffer for something they haven’t done. “

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Ecclestone’s apology comes after his inability to attend the Austrian GP. However, his recent fraud charges have landed him in hot waters once again. What do you think? Will Ecclestone be able to return to the paddock anytime soon?