Bernie Ecclestone has not owned Formula 1 for some years now, but the Brit has not completely disappeared from the spotlight. Although he will probably not be happy with the reason why he was captured on camera by photographers this Tuesday: because the immensely rich Ecclestone had to appear in court on suspicion of fraud.

According to English newspaper The Independent, the 92-year-old billionaire confirmed his name at London's Southwark Crown Court before pleading not guilty to fraud. The case revolves around whether he should have declared millions of dollars sitting in a trust fund in Singapore to the UK Inland Revenue.

Trust or no trust?

Prosecutors claim he had not reported a trust in Singapore, containing around $650 million, when asked about any trusts abroad in which he was involved. However, Ecclestone claimed he had set up "only a single trust" for the benefit of his three daughters, and that he was "not the beneficiary of any trust in or outside the UK".

Last summer, Ecclestone already denied the allegations, and with his formal 'not guilty', the case has officially begun. The substantive hearing of the case will follow in mid-November.