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Ecclestone indicted on bribery charges

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Ecclestone indicted on bribery charges
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Formula one boss Bernie Ecclestone has been indicted by German prosecutors on bribery charges.

The case relates to the sale of a stake in motor racing’s elite class eight years ago – notably a 35 million-euro payment by Ecclestone to a German banker.

The Banker, Gerhard Gribkowsky, was in charge of managing the sale of regional bank BayernLB’s 48% stake in Formula 1 to a private equity firm, CVC Capital Partners.

82-year-old Ecclestone said he had paid Gribkowsky to avoid a UK tax inquiry into the sale of Formula 1, but strongly denied the payments were an attempt to smooth the sale to CVC.

Gribkowsky, the bank’s former chief risk officer, was jailed last year for eight-and-a-half years for tax evasion.

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