£2.5billion Bernie in court on £400m fraud charge
Accused over ‘daughters’ trust’
BERNIE Ecclestone has denied fraud over an alleged failure to declare more than £400million in a trust in Singapore.
The 91-year-old ex-Formula One boss appeared at Westminster magistrates court yesterday where he was granted permission to stand outside the dock because of hearing problems.
Ecclestone, who is estimated to be worth £2.5billion, was charged after a probe by tax inspectors.
The tycoon is accused of failing to declare a trust in Singapore with a bank account containing around US $650m.
Chief magistrate Paul Goldspring sent the case to crown court, telling him: “Given the value of the alleged fraud, if convicted, this court would not have sufficient sentencing powers.”
The billionaire business magnate was met by photographers, who had been warned by police not to mob him because of his age. His white Range Rover, with a personalised number plate, passed three times before he left the vehicle dressed in a dark three-piece suit, white shirt and dark tie.
Ecclestone was escorted through the building’s exit by court security and his legal team.
Mr Goldspring allowed him to stand outside the dock after his barrister, Clare Montgomery QC, said her client was “having a little bit of trouble hearing”. Ecclestone stood to confirm his name and address in Knightsbridge, Central London, before indicating a not guilty plea to a charge of fraud by false representation between July 13, 2013, and October 5, 2016.
According to the charge, Ecclestone allegedly claimed he had “established only a single trust, that being one in favour of your daughters”. He is alleged to have confirmed “other than the trust established for your daughters you were not the settlor nor beneficiary of any trust in or outside the UK”.
Ecclestone, who has three daughters, Deborah, 67, and models and socialites Tamara, 38, and Petra, 33, allegedly made the representations “intending to make a gain, namely not stated, for yourself ”.
He was granted unconditional bail, and is due to appear at Southwark crown court next month.