Former Formula One racing boss, billionaire Bernie Ecclestone, has denied allegations that he hid over £400 million from Britain's tax agency.

Ecclestone served as Chief Executive Officer of Formula One Management and Formula One Administration for over 40 years, with his reign finally ending in 2017.  He appeared in London's Southwark Crown Court on Tuesday, June 6, to enter a not-guilty plea.

The 92-year-old allegedly hid approximately £400 million from the government in a trust in Singapore to avoid paying taxes. He was accompanied by his wife, 43-year-old Fabiana Flosi, who he wed in 2012. Eccelstone's socialite daughters, Petra, 34, and Tamara, 38 -- whose mother is the racing scion's first wife, Slavica -- did not make an appearance. 

He also has a third daughter, Deborah, who is in her 60s, and a toddler son, Ace, with Flosi.

Per a report about Ecclestone's court appearance, he will go on trial at the same court beginning November 16 with High Court Judge Justice Bryan presiding. The charges against Ecclestone were made after a financial investigation by HM Revenue and Customs (HMRC).

Court documents state that the magnate "dishonestly" represented his financial status to HMRC officials. Allegations suggest he made statements he "knew was or might have been, untrue or misleading" to government authorities.

Crown Prosecution Service (CPS) approved the charges in July 2022 following what has been described as a "worldwide probe" into Ecclestone's fiscal dealings. 

Last summer when the charges were first made public, Chief Crown Prosecutor Andrew Penhale said:

This story will continue to develop in the coming months. 

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Feature Image Credit: Chris J Ratcliffe/Getty Images