Formula One founder Bernie Ecclestone Accused of fraud by false representation By the UK Prosecuting Service (CPS), but what is his net worth?
CPS published an indictment on Monday, July 11, 2022, authorizing an indictment against the businessman “of fraud by false representation in relation to his failure to declare to HMRC assets held abroad believed to be in excess of £400m”.
Simon York, Director of the Fraud Investigation Service, confirmed the accusation in the statement adding: “HMRC is on the side of honest taxpayers and we will take strong action wherever we suspect tax fraud has occurred. Our message is clear – no one is out of our reach.”
The first hearing is scheduled for August 22 in Westminster Magistrates’ Court at 10am.
Ecclestone, 91, led Formula 1 for 40 years before leaving his position as CEO in January 2017 after Liberty Media’s acquisition of more than $4 billion.
What is fraud by false representation?
United kingdom Fraud Act 2006 It determines that a person is guilty of fraud by false representation if:
- Make a false representation in a dishonest manner
- Have the intent to gain for themselves or to cause loss or to expose others to the risk of loss
- Knows that representation is incorrect or misleading
One example might be overstating your income on the mortgage application form.
The CPS It states that the maximum penalty if proven guilty of fraud by false representation is ten years imprisonment.
What is Bernie Ecclestone net worth?
Although Formula One is the most lucrative motorsports championship in the world, Ecclestone was surprisingly 970. ForbesList of billionaires in real time. His net worth is $3 billion, but that number has been down since 2014, when Forbes reported that he was $4.2 billion.
The businessman is credited with turning Formula 1 into a multi-billion dollar company after becoming president of the Formula One Manufacturers Association (FOCA), with Max Mosley as his legal advisor. Together they negotiated the television rights to the races and FOCA’s value only increased due to the expansion of the sport.
Part of Ecclestone’s fortune is kept in trusts by his ex-wife Slavica Radić, and their two daughters, Petra and Tamara.
He has been married three times: he shares his daughter, Deborah, with his first wife, Ivy. His 17-year relationship with Tuana Tan ended in 1984 after Slavica became pregnant.
Radić and Ecclestone officially divorced in 2009 and the billionaire has been married to Fabiana Flossi since 2012.
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