Bernie's former banker jailed

2012-06-27 16:35
Gerhard Gribkowsky (File)
Munich - A German court sentenced a former bank boss to eight-and-a-half years in prison on Wednesday for receiving tens of millions of euros in bribes from Formula One mogul Bernie Ecclestone.

The Munich regional court found 54-year-old Gerhard Gribkowsky, a former chief risk officer for the state-owned German bank BayernLB, guilty of taking nearly €35m in bribes and failing to pay tax on the money.

In a shock revelation last week, Gribkowsky had admitted to the court that the charges against him were "essentially true."

He was accused of receiving the cash 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 could have faced 15 years behind bars if found guilty of the charges of corruption, tax evasion and embezzlement against him.

But 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.



Read News24’s Comments Policy 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
Comments have been closed for this article.
Live Video Streaming
  • Blitz
    Mon, 24 Nov 2014 @00:00
  • SS1
    Mon, 24 Nov 2014 @01:00
  • SS2
    Mon, 24 Nov 2014 @02:00
  • SS3
    Mon, 24 Nov 2014 @03:00
Video Highlights
Sport Talk
Most Read


Rugby World Cup 2015

All the action from the 2015 RWC, including live coverage of all 48 matches, breaking news, fixtures, results, logs - and much more!


Rugby World Cup 2015

The game of Heyneke’s life
Kriel braced for titanic Welsh clash
VIDEO: The Boks training at Pennyhill Park
O'Connell - Ireland's warrior king
/World Cup
Love 2 Meet

Take a photographical trip down memory lane and remind yourself of how the Springboks fared in their five previous Rugby World Cup campaigns. In addition, pick your all-time Springbok Rugby World Cup Dream Team and you could win R3 000!

Latest blogs

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

WIN Enter and win with Sport24!

BlackBerry Stay in the loop on your BlackBerry

iPhone Latest Sport24 news on your iPhone

RSS Feeds Sport news delivered really simply.

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