Saturday 24 February 2018

Formula One supremo accused of bribery

Tony Paterson

German state prosecutors have formally indicted Formula One chief executive Bernie Ecclestone (right) on bribery charges, in a move set to place a question mark over the 82-year-old's future as international motor racing's supremo.

State prosecutors in Munich said Mr Ecclestone had been charged with bribery and inciting breach of trust in a case involving the 2005 sale of a sizeable Formula One stake held by Germany's Bayern LB bank to private equity firm CVC Capital Partners.

Mr Ecclestone, Formula One boss for 40 years, confirmed the indictment yesterday. He told the 'Financial Times': "We are defending it properly. It will be an interesting case. It's a pity it's happened."

Investigations into the case began in 2011. Last summer Gerhard Gribkowsky, former Bayern LB chief risk officer, was jailed for eight and a half years for being in receipt of a £26.6m (€31m) payment from Mr Ecclestone, which he said was a "bribe".

Mr Ecclestone, who claimed Mr Gribkowsky blackmailed him and denies all allegations, has been given until mid-August to respond to the indictment. (© Independent News Service)

Irish Independent

Promoted Links

Life Newsletter

Our digest of the week's juiciest lifestyle titbits.

Promoted Links

Also in Life