Motorsport

Bernie bribed me - banker

2012-06-20 20:37
Bernie Ecclestone (File)
Munich - A former German bank boss admitted on Wednesday receiving tens of millions of euros in bribes from Formula One mogul Bernie Ecclestone, breaking months of silence in the case.

In a shock move, Gerhard Gribkowsky told a court in Munich, southern Germany, that the charges against him were "essentially true".

He stands accused of receiving nearly €44m from Ecclestone in 2006 and 2007 in connection with the sale of Formula One rights to CVC, the private equity investor which owns most of the multi-billion-dollar sport.

At the time, Gribkowsky was the chief risk officer for the state-owned German bank BayernLB, which had acquired the rights to Formula One in 2002.

Gribkowsky was faced with 15 years behind bars if found guilty of the charges of corruption, tax evasion and embezzlement against him.

Presiding judge Peter Noll had promised a lighter sentence of between seven years and 10 months and nine years if he confessed.

Ecclestone faces no charges and denies having bribed Gribkowsky to make sure that Formula One was sold to CVC.

In testimony in November, the Briton told the court he had paid Gribkowsky because he had little alternative, indicating the German had threatened to blackmail him.

But Gribkowsky countered this version of events, saying Ecclestone had told him at a first meeting in May 2005 that "the practice in Formula One is that you scratch my back and I scratch yours".

He said that Ecclestone had threatened to take Formula One business away from BayernLB.

A judgement in the case is expected next week.

Read more on:    bernie ecclestone  |  motorsport
NEXT ON SPORT24X

 

Read News24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
Live Video Streaming
Video Highlights
Sport Talk

 

Tips on how to set your fitness goals

Before you embark on a fitness or training programme, set yourself clear and realistic long-term and short-term goals.

 
 

Where were you when you last felt alive?

This all-terrain vehicle is badass!
The TRUTH about painkillers and exercise
WIN! Where were you when you last felt alive?
Watch: Fishing under ice
 
 
Men
Women
Love 2 Meet
Featured

Got something you'd like to get off your chest? Got a burning desire to air an opinion? If so, be sure to sign-up on Sport24's FORUM!

Latest blogs
Vote

Hypothetically, given the same cars to drive, who is the most talented current Formula One driver in your opinion?

Twitter Follow Sport24 on Twitter

Facebook "Like" Sport24's Facebook page

Newsletters Sign up for the Morning Glory, Super 15 and Soccer newsletters

WIN Enter and win with Sport24!

Mobile Sport24 on your mobile phone - WAP, alerts, downloads, services

Forum Have your Say on Sport24's brand new Forum!

BlackBerry Stay in the loop on your BlackBerry

iPhone Latest Sport24 news on your iPhone

RSS Feeds Sport news delivered really simply.

Blogs Yes your opinion counts. Get it out there

 
There are new stories on the homepage. Click here to see them.