Motor

Ecclestone already gave statement

NewsCore THE WALL STREET JOURNAL
Share This Story

   
 

FRANKFURT

A former German banking executive said in court that he accepted $44 million in alleged bribes from Formula 1 mogul Bernie Ecclestone in connection with a 2005 sale of a stake in the auto-racing franchise.

HOT SHOTS

Who won Formula One races in 2012? Check and see.

Gerhard Gribkowsky, the former chief risk officer of German lender BayernLB, said in a Munich court Wednesday that he admitted to the charges brought by state prosecutors, according to a court spokeswoman.

Gribkowsky was arrested early last year after Munich prosecutors launched a probe into allegations that he accepted bribes from Ecclestone to divest BayernLB's stake in Formula 1 for far below the actual value.

BayernLB sold its roughly 50 percent stake in Formula One's holding company to CVC Capital Partners for an undisclosed amount in 2005. Industry insiders at the time estimated the company was valued at between $2 billion and $4 billion.

Ecclestone stayed on as chief executive of Formula 1 and retained a minority stake.

Ecclestone, who hasn't been charged with any wrongdoing, testified in November that he paid the money after feeling threatened by Gribkowsky.

German prosecutors alleged that payments to Gribkowsky were funneled through Austrian accounts without being declared for taxes.

Terror in Spain

Spanish Grand Prix marred by garage fire that injures dozens.

BayernLB, Lehman Brothers and J.P. Morgan Chase secured a combined 75 percent equity stake in Formula 1 in 2002, part of a debt settlement plan from the bankruptcy of German media company Kirch Group.

All three banks had been lenders to Kirch, but BayernLB got the biggest portion of the Formula 1 stake -- about 50 percent -- as Kirch's assets were divvied up.

A BayernLB spokesman declined to comment and referred requests to the state of Bavaria's finance ministry, which has a controlling stake in the bank.

Attempts to contact Gribkowsky's lawyers, Ecclestone and the Bavarian finance ministry for comment late Wednesday were unsuccessful.

CVC has denied knowledge or involvement in any payments to Gribkowsky or anyone else.

Gribkowsky faces up to several years in prison if found guilty of the charges against him.

A decision in the case is expected to be reached next week. German law prescribes leniency when the accused assists the court in determining facts leading to a conviction.

Member Comments

Please note by clicking on "Post comment" you acknowledge that you have read the Terms of Use and the comment you are posting is in compliance with such terms. Be Polite. Inappropriate posts may be removed by the moderator.

powered by



Motor Videos

NNS: Montreal - 2012 Posted: Aug 18, 2012
NASCAR Nationwide: Justin Allgaier fights through the chaos to pass Jacques Vill...

NASCAR Race Hub: McReynolds Take on Dover Posted: Oct 01, 2013
Larry McReynolds gives you his take on what went down in Dover the 4th race in T...

NASCAR Race Hub: Weekend Winner Jimmie Johsnon - Dover 2013 Posted: Oct 01, 2013
Jimmie Johnson and his crew chief Chad Knaus sit down and talk about Dover and t...

Fox Sports Store

    itemName itemURL imageSrc price itemDescription
    Mitchell & Ness Boston Celtics #33 Larry Bird Green Authentic Throwback Jersey http://shop.foxsports.com/FOX_Boston_Celtics/browse/featuredproduct/118804/source/foxsports_prsp_ca http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_118000/FF_118804_xl.jpg&w=100 249.95 Mitchell & Ness Boston Celtics #33 Larry Bird Green Authentic Throwback Jersey
    adidas Los Angeles Lakers Purple Primary Logo T-shirt http://shop.foxsports.com/FOX_Los_Angeles_Lakers/browse/featuredproduct/172442/source/foxsports_prsp_ca http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_172000/FF_172442_xl.jpg&w=100 19.95 adidas Los Angeles Lakers Purple Primary Logo T-shirt
    adidas Miami Heat Black Primary Logo T-shirt http://shop.foxsports.com/FOX_Miami_Heat/browse/featuredproduct/173566/source/foxsports_prsp_ca http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_173000/FF_173566_xl.jpg&w=100 19.95 adidas Miami Heat Black Primary Logo T-shirt
    adidas Chicago Bulls Red Primary Logo T-shirt http://shop.foxsports.com/FOX_Chicago_Bulls/browse/featuredproduct/173568/source/foxsports_prsp_ca http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_173000/FF_173568_xl.jpg&w=100 19.95 adidas Chicago Bulls Red Primary Logo T-shirt
    adidas Boston Celtics #33 Larry Bird White Hardwood Classics Swingman Basketball Jersey http://shop.foxsports.com/FOX_Boston_Celtics/browse/featuredproduct/177922/source/foxsports_prsp_ca http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_177000/FF_177922_xl.jpg&w=100 89.95 adidas Boston Celtics #33 Larry Bird White Hardwood Classics Swingman Basketball..
    adidas Atlanta Hawks #21 Dominique Wilkins Red Hardwood Classics Swingman Basketball Jersey http://shop.foxsports.com/FOX_Atlanta_Hawks/browse/featuredproduct/177923/source/foxsports_prsp_ca http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_177000/FF_177923_xl.jpg&w=100 89.95 adidas Atlanta Hawks #21 Dominique Wilkins Red Hardwood Classics Swingman Basket..
    adidas Los Angeles Lakers #32 Magic Johnson Hardwood Classics Swingman Basketball Jersey - Gold http://shop.foxsports.com/FOX_Los_Angeles_Lakers/browse/featuredproduct/177924/source/foxsports_prsp_ca http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_177000/FF_177924_xl.jpg&w=100 89.95 adidas Los Angeles Lakers #32 Magic Johnson Hardwood Classics Swingman Basketbal..
    adidas New York Knicks #19 Willis Reed Royal Blue Hardwood Classics Swingman Basketball Jersey http://shop.foxsports.com/FOX_New_York_Knicks/browse/featuredproduct/178326/source/foxsports_prsp_ca http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_178000/FF_178326_xl.jpg&w=100 89.95 adidas New York Knicks #19 Willis Reed Royal Blue Hardwood Classics Swingman Bas..
    adidas Philadelphia 76ers #6 Julius Erving Royal Blue Hardwood Classics Swingman Basketball Jersey http://shop.foxsports.com/FOX_Philadelphia_76ers/browse/featuredproduct/178582/source/foxsports_prsp_ca http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_178000/FF_178582_xl.jpg&w=100 89.95 adidas Philadelphia 76ers #6 Julius Erving Royal Blue Hardwood Classics Swingman..
    adidas Houston Rockets #34 Hakeem Olajuwon Red Hardwood Classics Swingman Basketball Jersey http://shop.foxsports.com/FOX_Houston_Rockets/browse/featuredproduct/178773/source/foxsports_prsp_ca http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_178000/FF_178773_xl.jpg&w=100 89.95 adidas Houston Rockets #34 Hakeem Olajuwon Red Hardwood Classics Swingman Basket..