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Former F1 owner Bernie Ecclestone is expected to be charged with tax evasion of over $500 million in hidden assets, following an investigation by British courts.
British Chief Prosecutor Andrew Penhale said: “The court has reviewed the evidence and has authorized charges against Bernard Ecclestone for tax evasion in relation to concealing the existence of assets abroad worth more than £400m.
The prosecution added that the charges against the person in question are already active and will be sent to court.
Mr Ecclestone is reported to spend his time between Britain, Brazil and Switzerland, in which he has economic interests such as coffee plantations, villas and other facilities.
While the development comes a week after he spoke publicly in defense of Russian President Vladimir Putin.
He later apologized for describing Putin as a ‘first class person’ and that he would ‘take the bullet for him’.
The criminal charges come in relation to tax liabilities arising from his assets outside Britain, which the court said “no one can escape our scrutiny”.
Ecclestone became a father for the fourth time last month with his wife Fabiana, whom he married in 2012.
The billionaire is also father to daughters Deborah, 66, Tamara and Petra Ecclestone.
Deborah was born to his first wife Ivy Bamford before expecting his two well-known aristocratic daughters Tamara and Petra, with his second wife Slavica Radić.
Bernie married Fabiana three years after his divorce from Croatian Slavica. He had confirmed he was expecting a child with her to Swiss newspaper Blick last April.
The bankruptcy case will be heard at Westminster Magistrates’ Court in London on August 22.
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