Ex-Formula One boss to go on trial for tax fraud

London, The Gulf Observer: Former Formula One boss Bernie Ecclestone will go on trial in the UK next October for alleged tax fraud.

The 91-year-old is accused of failing to declare €400 million in overseas assets. He has denied the charge.

Prosecutors claim Ecclestone falsely represented his wealth between July 2013 and October 2016, when British tax officials carried out a worldwide investigation into his finances.

Ecclestone allegedly did not declare a trust in Singapore with a bank account containing about €650 million when asked if he was involved in any trusts abroad.

The former executive headed Formula One and controlled the sport for four decades from the 1970s to 2017 when he stepped down as chief executive.