Ex-F1 chief Ecclestone denies fraud charge

Former Formula One supremo Bernie Ecclestone on Monday pleaded not guilty when he appeared in court in London on a multi-million-pound fraud charge. Ecclestone, 91, was charged in July over an alleged failure to declare more than 473 million dollars of overseas assets to the UK government. The ex-motorsport boss arrived at Westminster Magistrates Court in central London to a throng of photographers and camera crews. According to the chargesheet, he is accused of failing to declare a trust in Singapore with a bank account containing some 650 million.

In court, white-haired Ecclestone, wearing a dark suit, spoke to confirm his name, date of birth and give an address in Knightsbridge, west London. Ecclestone denied having had anything to do with accusations and informed the judge that he is innocent. Judge Paul Goldspring granted him unconditional bail until another pre-trial hearing at Southwark Crown Court, South London, on September 19. Ecclestone, a British businessman whose financial net worth has been estimated at some 3 billion dollars, is widely credited with transforming F1 commercially. His control of the sport developed from the sale of television rights in the 1970s and he was chief executive of Formula One Group until January 2017. The Crown Prosecution Service, which brings charges in England and Wales, brought the case for "fraud by false representation" after a "complex and worldwide" investigation by HM Revenue and Customs.

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