Former F1 boss Bernie Ecclestone faces fraud charges for failing to declare foreign assets of more than $476 million, according to British prosecutors.

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(CNN) --

Former Formula 1 boss Bernie Ecclestone faces fraud charges for failing to declare more than $476 million worth of foreign assets, British prosecutors said in a statement Monday.

The UK Crown Prosecution Service (CPS) "has reviewed an HMRC evidence file and has authorized an indictment against Bernard Ecclestone for fraud by misrepresentation in respect of his failure to declare to HMRC of the existence of assets held abroad believed to be worth more than £400 million," Chief Crown Counsel Andrew Penhale said in the statement.

HMRC Fraud Investigation Service Director Simon York said: "This is the result of a complex, global criminal investigation carried out by HMRC's Fraud Investigation Service. .

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The criminal indictment concerns anticipated tax liabilities arising from over £400m of offshore assets that were concealed from HMRC.

The first hearing in this case will take place on August 22 at 10am (5am ET) at Westminster Magistrates' Court in London.

Bernie Ecclestone