Topline
British authorities charged billionaire Bernie Ecclestone Monday related to allegations of fraud, the latest drama in a controversy-filled year for the former Formula One boss.
Bernie Ecclestone appears at a race in Brazil in May.
Key Facts
The 91-year-old Ecclestone is charged with fraud by false representation, the Crown Prosecution Service announced Monday.
Authorities allege Ecclestone hid more than £400 million (about $476 million) in overseas assets from the British government.
The charges follow a “complex and worldwide criminal investigation” into Ecclestone, said Simon York, the director of Her Majesty’s Revenue and Customs’ fraud investigations services, in a statement.
A representative for Ecclestone didn’t immediately respond to Forbes’ request for comment.
Big Number
$3 billion. That’s how much Ecclestone is worth, according to Forbes’ calculations.
Key Background
Much of Ecclestone’s fortune comes from the $4.4 billion sale of the Formula One Group in 2017, which ended Ecclestone’s 40-year term as Formula One’s chief executive. Reuters reported in May that Brazilian authorities arrested Ecclestone for having a gun in his luggage at an airport, though he denied he was ever arrested. Ecclestone faced a bribery trial in Germany after he was accused of bribing a banker with $44 billion in 2006. The trial ended in 2014 when he agreed to pay a $100 million settlement.
Tangent
Ecclestone made waves last month when he called Russian President Vladimir Putin a “first-class person” and said he’d “take a bullet” for him. The billionaire later apologized, saying he doesn’t support the Russian invasion of Ukraine.
Further Reading
Billionaire Former F1 Boss Bernie Ecclestone Says He’d ‘Take A Bullet’ For Putin (Forbes)
Source: https://www.forbes.com/sites/dereksaul/2022/07/11/billionaire-bernie-ecclestone-charged-with-fraud/