Gribkowsky admits taking bribes from Ecclestone

Gribkowsky was chief risk officer at BayernLB in 2006, when the bank sold a significant stake in F1 to CVC Capital Partners. Allegations of corruption, breach of trust and tax evasion began in early 2011, when Gribkowsky was accused of receiving illegal commission from offshore accounts.

In 2002, BayernLB saw its debt in F1 converted to equity, when previous owner Kirch collapsed. Ecclestone's Bambino Holdings remained in control of the group despite owning just 25%. The bank eventually took over the management company after a long legal battle.

In 2005, BayernLB sold its stake to CVC vehicle Alpha Prema, alongside Ecclestone who reinvested in the company. BayernLB had previously said it would hold onto the company for 3-5 years. Gribkowsky was reported to have played a pivotal role in the buyout, valued in the region of $1.7bn, and joined the board of Alpha Prema.

German prosecutors say that Gribkowsky accepted bribes totalling $44m from Ecclestone to influence the sale to CVC; Gribkowsky stated the accusations were "essentially true".

In his first testimony, Gribkowsky suggested that Ecclestone had offered him a $100m commission, which he negotiated down to 5% of BayernLB's proceeds from the sale. The judge presiding over the case told Gribkowsky he will face a jail term of 7-9 years.

CVC recently reduced its stake in F1 ahead of a planned IPO on the Singapore Stock Exchange, which has since been postponed due to volatile equity markets.

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• Topics
• UK / Ireland
• United Kingdom
• CVC Capital Partners