Bernie Ecclestone pleads not guilty to £400m fraud charge in court

Bernie Ecclestone has pleaded not guilty to a £400m fraud charge during a court appearance this morning.

The 91-year-old is accused of failing to declare an involvement in a Singapore-based trust to HM Revenue and Customs and was summoned for an initial hearing at Westminster Magistrates Court.

Dressed in a black suit and tie, the former F1 supremo, estimated to be worth £2.5bn, was accompanied by his wife Fabiana who sat in the public gallery during the short 10-minute appearance.

Ecclestone sat in the open court close to the judge after Westminster Magistrates Court was told that he was struggling to hear proceedings.

He faces a charge of fraud by false representation dating between July 13, 2013 and October 5, 2016. He is accused of fraudulently claiming that he had established a single trust in favour of his daughters and that he was “not the settlor or beneficiary of any trust in or outside the UK” while “intending to make a gain, namely not stated, for yourself.”

Robert Simpson, prosecuting, said that the case arose from a Revenue and Customs investigation into Ecclestone’s finances. This would have allowed him to “enter into a structural disclosure facility, drawing a line under any previous tax irregularities”.

“During the course of that investigation, he was asked about any trusts that were based abroad that he was involved in,” the court heard. “He failed to declare a trust in Singapore with a bank account containing approximately $650m.”

The case was committed for trial at Southwark Crown Court by Chief Magistrate Paul Goldspring. “Given the value of the alleged fraud, if convicted this court would not have sufficient sentencing powers,” he said.

Ecclestone, who gave a Knightsbridge address, was granted unconditional bail and left court in a white Range Rover Sport, through a crowd of photographers, without saying a word.

He has three daughters, Deborah, 67, Tamara, 38 and Petra, 33.