Formula One mogul Bernie Ecclestone is facing fraud charges in the UK over undeclared overseas assets worth more than £400 million ($477 million).
The UK’s Crown Prosecution Service said Monday it authorized the charge of fraud by false representation for his failure to declare the assets after an investigation by HM Revenue and Customs.
“HMRC is on the side of honest taxpayers and we will take tough action wherever we suspect tax fraud,” Simon York, director of the fraud investigation Service at HMRC said.
“Our message is clear –- no one is beyond our reach.”
The case’s first hearing will be on Aug. 22 at Westminster Magistrates Court.
Ecclestone didn’t immediately respond to a message seeking comment.
