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Bernie Ecclestone Facing Bribery Charge

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Bernie Ecclestone Facing Bribery Charge Empty Bernie Ecclestone Facing Bribery Charge

Post by dyrewolfe Wed 17 Jul 2013, 1:05 pm

Oh dear, looks like Uncle Bernie is in the brown stuff after a German banker revealed he was paid over £26million as part of a deal involving the sale of his bank's stake in F1, to CVC.

Formula 1 boss Ecclestone indicted on bribery charge


German prosecutors have indicted Formula 1 boss Bernie Ecclestone for alleged bribery.

The charge relates to a $44m (£29m) payment to a German banker, Gerhard Gribkowsky of Bayern Landesbank. It was linked to the sale of a stake in F1.

Mr Ecclestone said he had paid Mr Gribkowsky to avoid a UK tax inquiry into the sale of Formula 1 in 2006, but denied the payments were bribes.



In 2006, Gribkowsky was in charge of managing the sale of regional bank BayernLB's 48% stake in Formula 1 to private equity firm CVC Capital Partners, which owns most of the sport.

In evidence to a Munich court in June last year, Gribkowsky admitted that prosecution claims he had corruptly received $41.4m (£26.6m) in bank commissions, and a large payment via a family trust from Ecclestone, were "essentially true".

In his testimony, Ecclestone said he had been worried that if he had not paid the money, Gribkowsky would have alerted the UK tax authorities to "things" that might have led to a tax inquiry.

"The only alternative was that the British tax authorities followed a case that would have been very expensive for me," said Ecclestone at the time.

"The tax risk would have exceeded £2bn. I paid him to keep calm and not to do silly things."

Tsk tsk Bernard. Hope you're made to pay back all the tax you owe UK Plc.
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Post by GSC Sat 20 Jul 2013, 4:44 pm

Doesnt this happen every year?
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Post by bogbrush Sun 28 Jul 2013, 12:17 am

No chance, Bernie toys with these bureaucrats.

I wonder how they're going to prove what was Bernie's intention in paying the money? Impossible, one mans word against another, and the accuser has incentives to lie.
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