Formula One (F1) mogul Bernie Ecclestone pleaded not guilty to a criminal fraud charge for failing to tell British authorities about assets held in a Singapore bank of around US$650 million .

The 92-year-old appeared in a London court on Tuesday (June 6) to deny the single count of fraud. Ecclestone was charged with failing to declare the overseas account, following an investigation into his finances by the UK tax authority.

Ecclestone previously told investigators that he’d established a single trust in favour of his two daughters, prosecution lawyers said, but had no other overseas trusts. The charge relates to false representation that took place between July 2013 and October 2016.

The tycoon, who was granted bail, will be tried in the Southwark Crown Court later this year.

  - Bloomberg