Bernie Ecclestone accused of bribery in F1 buyout

Greg Gille
@unquotenews
20 July 2011

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Formula One CEO Bernie Ecclestone has been accused by German prosecutors of bribing former BayernLB chief risk officer Gerhard Gribkowsky at the time of the company's 2006 buyout.

In a public statement, German prosecutors claimed that Ecclestone paid $44m to Gribkowsky at the time of the sale. In return, Ecclestone is alleged to have received $41.4m in commissions from BayernLB, while his family trust Bambino Holding was paid $25m.

The prosecutors claim that two Austrian companies controlled by Gribkowsky received the $44m from someone named as "Bernie E" as well as an entity of the Bambino Trust. The bribe was disguised as consulting contracts.

Ecclestone has however not been charged for the time being, and stated he will fully cooperate with the investigation. Meanwhile, Gribkowsky - who was arrested in January by the Munich police - has been charged with breach of trust and tax evasion as well as having been in receipt of corrupt payments, according to the Financial Times.

Click here for more background on the Formula One alleged corruption case.