The former most powerful man in the motorsport world, 91-year-old Bernie Ecclestone, has appeared in court in London.

The Briton, who steered the fortunes of Formula One for around 40 years until 2017, is accused of tax evasion. Ecclestone said during his brief court appearance that he pleaded not guilty.

In the indictment, Ecclestone is charged with failing to declare in his tax return investments made abroad amounting to the equivalent of around 470 million euros. The next day of the trial is scheduled for 19 September.

Ecclestone’s rise

Ecclestone, who first built up one of Britain’s largest used car dealerships before becoming a consultant to racing drivers and buying a Formula One racing team in the early 1970s, is estimated to have a fortune equivalent to around three billion euros.