Hitech GP competes in the FIA Formula 2 Championship.
William Oakes, who was a director of Formula 1 feeder series team Hitech GP, was arrested in May and charged with possession and transfer of large amounts of suspected criminal property.
He resigned from his post as a Hitech GP director on June 13. Oliver Oakes is still listed as a Hitech GP director alongside Michael William Charles Sanwell-Lewis, who was appointed a director on May 9.
The arrest, confirmed by the UK’s Metropolitan Police, followed the discovery of 831,885 GBP (1.7 million AUD) in cash as well as 46,120 EUR (81,919 AUD) and 10,000 USD (15,414 AUD) in his possession.
He was initially remanded in custody after appearing before Northampton Magistrates’ Court on May 3, and appeared again at Northampton Crown Court last week, according to the Northamptonshire Telegraph.
Oakes pleaded not guilty to two charges and was granted bail, with a trial date set for April 2027.
The legal developments have cast a shadow over former Alpine boss Oliver Oakes, who resigned as team principal in May.
There were reports he stepped down due to disagreements with Alpine executive advisor Flavio Briatore over the demotion of Jack Doohan, but it was later confirmed he had left the team for “reasons of a personal nature.”
Both Oakes brothers worked together as directors of Hitech GP, a team that fields cars in the FIA Formula 2 Championship, FIA Formula 3 Championship, and F1 Academy.
The team has long been linked to controversial figures, having previously been owned by Russian businessman Dmitry Mazepin, father of former Formula 1 driver Nikita Mazepin.
Nikita Mazepin made his F1 debut with Haas in 2021 but was dropped from the sport — along with Haas’s then-title sponsor Uralkali, headed by his father — following Russia’s invasion of Ukraine in 2022.