Ex Formula One boss Ecclestone pleads not guilty to fraud charge

Former Formula One boss Bernie Ecclestone on Tuesday formally pleaded not responsible to a fraud cost over his alleged failure to declare hundreds of thousands of {dollars} held in a belief in Singapore to Britain’s authorities.

The 92-year-old billionaire, who wore a darkish go well with and darkish glasses, confirmed his title at London’s Southwark Crown Court earlier than coming into a not responsible plea to fraud between July 2013 and October 2016.

He faces trial in November following a worldwide investigation by Britain’s tax workplace into his funds.

Prosecutors allege he didn’t declare a belief in Singapore with a checking account containing round US$650 million when he was requested about any trusts overseas that he was concerned in.

They allege that Ecclestone claimed he had arrange “only a single trust” in favour of his three daughters, and that he was “not the settler nor beneficiary of any trust in or outside the U.K.” Prosecutors say he acted “dishonestly” and meant to make a achieve from the claims.

Ecclestone headed Formula One racing and managed the game for for 4 a long time from the Seventies to 2017, when he stepped down as chief govt and Liberty Media took over the collection.

The business magnate denied the fraud cost final summer season and formally entered the not responsible plea on Tuesday.