Formula 1 chief Bernie Ecclestone may face 10-years imprisonment for bribery
Last Updated at
- 12:34 pm, June 26, 2012
German banker, Gerhard Gribkowsky, testified in court of accepting millions of dollars from Eccelestone.
Formula 1 CEO, Bernie Ecclestone, may face criminal charges in Germany, with a possibility of a 10-years imprisonment for bribery. The trial of the German banker, Gerhard Gribkowsky, resumed yesterday over tax evasion, corrupt payment and breach of trust against his employer BayernLB, which sold its stakes to CVC Partners Capital in 2006.
Gerhard Gribkowsky testified in court of accepting USD 44 million from F1 supreme, to keep him from sharing details of the organisation to UK authorities. The indictment states that the bribe was to ensure that company sold rights to CVC, so that Bernie can remain CEO. The prosecutors also allege that Gribkowsky also involved in signing a contract that forced BayernLB to pay USD 41.4 million to Bernie as a facilitator of the deal. The German banker divulged about the bribes in court with the hope of shortening his sentence.
With these updates, an international arrest warrant may be issued against Bernie Ecclestone, along with extradition request. If convicted 82-year old may face up to 10-years sentence in Germany.
First Published on 12:34 pm, June 26, 2012
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