Former F1 supremo Bernie Ecclestone has been charged with fraud over a failure to declare £400 million pounds [$477m] in overseas assets.
Ecclestone faces one count of fraud by false representation after failing to report the assets to the British tax authority.
In a statement, Simon York, Director at the Fraud Investigation Service of Her Majesty's Revenue and Customs [HMRC], said: "This follows a complex and worldwide criminal investigation by HMRC's Fraud Investigation Service."
The first hearing of Ecclestone's case is set to be held on August 22nd at Westminister Magistrates Court in London.
Chief crown prosecutor, Andrew Penhale, added: “The CPS has reviewed a file of evidence from HMRC and has authorised a charge against Bernard Ecclestone of fraud by false representation in respect of his failure to declare to HMRC the existence of assets held overseas believed to be worth in excess of £400m.
“The Crown Prosecution Service reminds all concerned that criminal proceedings against this defendant are now active and that they have a right to a fair trial.
“It is extremely important that there should be no reporting, commentary or sharing of information online which could in any way prejudice these proceedings.”