HOT NEWS: Bribes in Formula 1! A banker admitted that has received a bribe of $ 44 million from Bernie Ecclestone!
Gerhard Gribkowsky, a former senior official at German state bank BayernLB, admitted Wednesday, in court, that he received bribes from Bernie Ecclestone during the sale of Formula 1 commercial rights to investment fund CVC Partners, informs AFP.
"It is essentially true" said Gribkowsky in front of the court, at the allegations against him, according to which he received 44 million dollars from Bernie Ecclestone in 2006 and 2007 when he arranged the share sale actions of F1 rights owned German bank to fund British CVC. The transaction completed in November 2005 was 839 million dollars and "commission" received by Gribkowsky reached about 5 percent, after being negotiated from 10 percent.
The banker received the 44 million dollars through a consulting firm that had set up in Austria. He said he also received an offer from Ecclestone to work as a consultant in Formula 1, if he is helps with the sale of shares by the German bank portfolio shares to CVC.
Gribkowsky claims that Ecclestone would have threatened to transfer F1 shares to another company, so share owned by BayernLB will be losing value.
BayernLB acquired the shares after the 2002 bankruptcy of the media group owned by Leo Kirch, who held the commercial rights of the Grand Circus. The bank tried to sell shares at the best price to recover as much of the amount credited to the Kirch group.
F1 commercial rights manager, Bernie Ecclestone, who has appeared in court as a witness, in November 2011, admitted that he gave money to Gribkowsky, but argued that it was because he had been blackmailed by the disclosure to the IRS Britain about some unpaid taxes.
Accused for corruption, embezzlement and tax evasion, Gribkowsky was arrested in January 2011 and his trial at the High Court in Munich began last October.
Recognizing the guilt, the former head of the Risk Division will receive a reduction from 15 to nine years in prison. Sentences could be given next Wednesday.
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