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Trial of Formula 1 Boss:Bernie Ecclestone’s heaviest race / Breaking News

Trial of Formula 1 / In Munich stands as of this Thursday a powerful sports manager in court:

Formula 1 boss Bernie Ecclestone paid millions to a former BayernLB Board. The indictment accuses him of bribery. Ecclestone talks of blackmail.

“One of my maxims is that it concerns something anybody know where I got my property,” Bernie Ecclestone once said. But by Thursday at the Formula 1 boss will have to put some questions about what he’s doing with his fortune so. Then the 83-year-old is on trial in Munich. The prosecution accuses him of bribery and abetting breach of fiduciary duty in a particularly severe case before. Ecclestone threatens if convicted, up to ten years in prison.

The case at issue , is back eight years . At that time paid Ecclestone former BayernLB Board Gerhard Gribkowsky about shell companies around 44 million dollars. The fact that millions and millions , both Ecclestone and the already condemned Gribkowsky have confirmed . But both present different versions of why the Formula 1 manager paid .
Gribkowsky declared in 2012 in a trial that he had the millions disguised as a consulting services from Ecclestone , as he had previously threaded the sale of Formula 1 Shares of the country’s bank to the investor CVC Capital, the non antastete Ecclestone’s position of power in the racing business. The former state banker was sentenced to eight and a half years in prison and to testify in May as the most important witness against Ecclestone .

The Formula 1 boss in turn was published in 2011 as a witness in the trial of Gribkowsky – and had a ready alternative explanation for the payments to the bankers. He had felt extorted from him , Ecclestone said at the time . He was afraid that Gribkowsky would rush him the British tax authorities on the neck. A fortune of two billion pounds had been in danger. It had gone to tax issues around the foundation of his ex- wife, the Bambino Holding , held the interest in Formula 1.

To save trouble, he had Gribkowsky paid money as a precaution , Ecclestone said at the time . “I was keen to keep him quiet , peaceful and friendly, so it does not come on stupid ideas . ”

Formula 1 Boss Ecclestone Trial:The banker from Bavaria was dangerous

The usually wily racing mogul paid for fear of a Bavarian banker precaution million ? The Munich prosecutor does not believe this version .

In 23 pages she describes in her indictment , as Ecclestone through complicated corporate structures, the power and millions in Formula 1 secured over the years. He had regarded as his personal matter and as business secrets contracting. But then BayernLB Board Gribkowsky was , according to prosecutors to danger. After the bankruptcy of the media group of Leo Kirch Formula 1 shares had gone to BayernLB . The board responsible Gribkowsky wanted insight into the business structures of the racing series get , even to explore what it was ever worth the investment .

And the bankers proved to be tough opponents. He complained in London, to extract more control and participation for BayernLB – and also had this success. Gribkowsky Ecclestone have also pressured by bugged him with allusions to the tax issues , acknowledges the indictment. But a real affliction is the for Ecclestone not been , the bankers did not have any evidence. Ecclestone had cared primarily about his power in Formula 1 . Therefore – it sets out the prosecutor – decided Ecclestone to pull Gribkowsky to his side.

Formula 1 Boss Ecclestone Trial:A particularly brazen Deal

Kitzbuehel Celebrities Charity Race
Kitzbuehel Celebrities Charity Race

In the trial of Gribkowsky Ecclestone described then how easily the above matter how tough bank manager of the Formula 1 world has blinded . “He is no different than many people who are fascinated by the hustle and bustle of the formula 1 . He enjoyed the lifestyle . ” According to the indictment be played between Gribkowsky and Ecclestone cinematic scenes , when they settled the millions of payments. Thus, the racing manager have the bankers in 2006 prompted on the edge of a race in Bahrain with the words “tell me a number ,” he should call a sum . Gribkowsky delivered accordingly a number: $ 50 million.

Almost as much as he was then – but , according to prosecutors Ecclestone paid only a small part of the sum. The majority did therefore ultimately on the taxpayers. Because the indictment describes the racing manager as particularly bold. Not only that, he should have brought the BayernLB to sell its Formula 1 shares to the investor had chosen the Ecclestone himself . According to prosecutors, he sat by yet that Gribkowsky for him prevailed a commission payment at BayernLB . Thus flowed $ 41 million from the bank Landesbank to Ecclestone , so that its spending on Gribkowsky had back in there . The damage from the deal had so ultimately the state bank . Ecclestone denies that he had influenced the deal with CVC .

Ecclestone is in Munich before the same judge as was already Gribkowsky . In his ruling against the bankers Judge Peter Noll said at the time , Ecclestone was the driving force and have Gribkowsky out with ” charm and sophistication to the crime.”

Formula 1 Boss Ecclestone Trial:Ecclestone wants to finally concentrate on the job / Trial of Formula 1

Ecclestone is nevertheless rather annoyed than worried before the pending process that is initially recognized until mid-September . “The whole thing ‘s just a very, very small part of my life , it should not matter. But at the moment it costs me a lot of time ,” the 83 -year-old said in a recent interview with ARD . His defense wants to shake credibility and apparently designate during the trial witnesses in order to prove Ecclestone version information Gribkowskys .

In Formula 1, you do already thought about the time after the autocrat . ” After Ecclestone it is , I suspect , give a management team with different skills. This will be a normal management board as in any other large enterprises ,” said Mercedes motorsport team boss Toto Wolff “Handelsblatt Live” .

But Ecclestone apparently has no intention of withdrawing from Formula 1 ” I hope this process will make it clear that everything that I can finally get on with my job,” he said recently. And if he is still convicted and sent to prison ? For this purpose Ecclestone said: “I do not think I like it there , but somehow you have to cope with everything.

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