Gribkowsky has 40 million from F1 Boss Bernie Ecclestone blackmailed?

 

 

Bernie Ecclestone questioned by German state prosecutor

 

SHANGHAI (Reuters) – Bernie Ecclestone has traveled to Germany to meet a state prosecutor investigating alleged payments of $50 million (30 million pounds) to a German banker during the sale of Formula One’s commercial rights five years ago.

“I have been cooperating with the State Prosecution Office’s investigation of the affairs of Dr Gribkowsky since the outset,” the sport’s 80-year-old commercial supremo said in a statement sent to Reuters by his London office on Friday.

“When I was informed that there was a first suspicion in relation to my perceived involvement in the matter, I went to see the Senior State Prosecutor and her team in Munich earlier this month to clear up any allegations against me.”

The affair follows the arrest in January of former BayernLB executive Gerhard Gribkowsky whose bank had a stake in Formula One up to 2006 along with JP Morgan, Lehman Brothers and Ecclestone’s family trust.

The Banks had acquired a 75 percent stake in F1 holding company SLEC after the collapse of Germany’s Kirch media group, which had borrowed some $1.6 billion from them. BayernLB was Kirch’s biggest creditor.

SLEC was sold to the current Formula One rights holders, private equity firm CVC, in 2006 with Ecclestone remaining hands-on in running the business.

The billionaire said that he would continue to cooperate fully with the State Prosecution Office “in whatever capacity it may ask.”

“I am confident that when the full facts have been established, I will be exonerated of blame for any wrongdoing,” he added.

The Munich State Prosecutors’ office said in January that Gribkowsky was accused of selling a 48 percent stake in F1 without proper valuations and receiving the payments disguised via consultancy agreements.

Ecclestone has not been accused of having any connection with the payments, has publicly denied involvement and has said he did not bribe the banker.

 

 

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