Ecclestone named in corruption case

Wed, 20 Jul 13:25:06 2011

Formula 1 supremo Bernie Ecclestone has been named as an involved party in the corruption case involving a former banker during the sale of the Formula 1 back in 2006.

Bayerische Landesbank risk manager Gerhard Gribkowsky has been charged with corruption, embezzlement and tax evasion, and is accused of having accepted a $44 million bribe.

German prosecutors allege that Ecclestone received $41.4 million in commissions from the bank.

Gribkowsky was arrested on January this year over the allegations, which revolve around the sale of BayernLB's stake in Formula 1 to current commercial right owners CVC Capital Partners.

Ecclestone had been questioned by a German state prosecutor back in April and said he had done nothing wrong.

"I am confident that when the full facts have been established, I will be exonerated of blame for any wrongdoing," said Ecclestone in April.


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