Post by Macmoish on Jul 6, 2011 6:40:03 GMT
Guardian/James Callow
Bernie Ecclestone to learn whether he will face corruption charges
Ecclestone accused of paying $50m bribe to German banker
• F1 commercial rights holder says he has done nothing wrong
Bernie Ecclestone, Formula One's commercial rights holder, will on Wednesday learn whether he will be summoned to defend himself against corruption charges in a German court.
Prosecutors are attempting to gather evidence to stand up allegations that Ecclestone paid a $50m (£31m) bribe to Gerhard Gribkowsky, a former chief risk manager of the state-owned BayernLB bank, during the sale of a stake in the sport to the private equity firm CVC Capital Partners in 2006.
Prosecutors allege that Gribkowsky persuaded the bank to sell its stake "without evaluation of its current value" and that "two consultancy contracts totalling $50m" were paid to an Austrian company registered in his name.
Gribkowsky, who has been held in a Munich prison since January, claims that he received this money from Ecclestone.
A nominal deadline for prosecutors to file charges against Ecclestone and Gribkowsky passed on Tuesday.
Ecclestone, 80, who travelled to Germany in April to speak with the prosecutors, said he has no case to answer.
"I have done nothing so I have no idea what charges they could bring," he told the Times. "I have done what I had to do at all times during this investigation and I have co-operated fully with the people in Germany. As far as I am concerned there are no problems."
www.guardian.co.uk/sport/2011/jul/06/bernie-ecclestone-f1
TELEGRAPH - By Tom Cary, F1 Correspondent
Bernie Ecclestone to discover if he will be charged with 'aiding and abetting' German banker's breach of trust
Bernie Ecclestone, Formula One’s chief executive, is set to discover imminently whether he will be charged by Munich prosecutors with “aiding and abetting” a German banker’s breach of trust.
Gerhard Gribkowsky, formerly chief risk manager of state-owned BayernLB, who had a stake in the sport at the time, oversaw F1’s sale to private equity firm CVC Capital Partners in 2006.
He was arrested on Jan 5 with $50 million of unexplained funds in an Austrian company registered in his name.
Prosecutors allege that Gribkowsky led the bank to sell its stake “without evaluation of its current value” which, in turn, earned him “two consultancy contracts totalling $50 million”. Gribkowsky claims he received this money from Ecclestone.
Gribkowsky has been held in Munich’s notorious Stadelheim prison, where Hitler spent time in 1922 for disturbing the peace, since Jan 5 as the prosecutor decides whether to bring charges against him and Ecclestone, who has been accused of “aiding and abetting”.
Ecclestone, 80, travelled to Germany in April to speak to the prosecutor.
“I am confident that when the full facts have been established, I will be exonerated of blame for any wrongdoing,” he said at the time.
The deadline for a decision on whether to press charges or release Gribkowsky was due yesterday, six months after his arrest, but it is understood that that deadline is not hard and fast.
Sources in Germany suggested that a decision may not be taken until early next week or even later.
Certainly before the German summer holidays, which start at the end of the month.
Speculation that a decision might be forthcoming gathered pace on Tuesday when a website with strong links to Ecclestone published a story saying that it “expected” Ecclestone to be “charged today with aiding and abetting”.
Telegraph Sport understands that Gribkowsky will certainly be indicted for tax evasion but that Ecclestone has been offered the opportunity to cooperate with the prosecutor by supplying evidence against Gribkowsky, in return for a lighter sentence.
This would most likely be in the form of a financial penalty.
If he has not cooperated Ecclestone may also be charged and a European arrest warrant issued, forcing him to stand trial in Germany.
Ecclestone told Telegraph Sport on Tuesday night that he did not know of the six-month deadline for releasing or charging Gribkowsky. “I’ve not heard anything,” he said.
Asked if he expected to be charged, or had received notification that he was to be charged, he added: “As long as it’s not too much. I’m only joking. I honestly don’t know what for because I haven’t done anything wrong.”
If Ecclestone is charged it is unclear what effect it might have on any possible takeover of the sport.
Rupert Murdoch’s News Corporation has already confirmed that it is part of a consortium investigating the possibility of buying the sport from CVC.
Negotiations over a new Concorde Agreement – the three-way commercial contract which binds the teams, the governing body and the commercial rights holder – are at a delicate stage with only 18 months left to run.
The teams have also mooted their desire to buy a stake in the sport, although Ecclestone recently ridiculed that suggestion.
“Very few of them have got enough money to run their teams [let alone buy a stake],” he said.
One thing is clear. All eyes will be watching developments in Germany very closely.
www.telegraph.co.uk/sport/motorsport/formulaone/8619301/Bernie-Ecclestone-to-discover-if-he-will-be-charged-with-aiding-and-abetting-German-bankers-breach-of-trust.html
Also: PITPASS - Gribkowsky Decision Due
www.pitpass.com/44102-Gribkowsky-decision-due
www.pitpass.com/44102-Gribkowsky-decision-due
Bernie Ecclestone to learn whether he will face corruption charges
Ecclestone accused of paying $50m bribe to German banker
• F1 commercial rights holder says he has done nothing wrong
Bernie Ecclestone, Formula One's commercial rights holder, will on Wednesday learn whether he will be summoned to defend himself against corruption charges in a German court.
Prosecutors are attempting to gather evidence to stand up allegations that Ecclestone paid a $50m (£31m) bribe to Gerhard Gribkowsky, a former chief risk manager of the state-owned BayernLB bank, during the sale of a stake in the sport to the private equity firm CVC Capital Partners in 2006.
Prosecutors allege that Gribkowsky persuaded the bank to sell its stake "without evaluation of its current value" and that "two consultancy contracts totalling $50m" were paid to an Austrian company registered in his name.
Gribkowsky, who has been held in a Munich prison since January, claims that he received this money from Ecclestone.
A nominal deadline for prosecutors to file charges against Ecclestone and Gribkowsky passed on Tuesday.
Ecclestone, 80, who travelled to Germany in April to speak with the prosecutors, said he has no case to answer.
"I have done nothing so I have no idea what charges they could bring," he told the Times. "I have done what I had to do at all times during this investigation and I have co-operated fully with the people in Germany. As far as I am concerned there are no problems."
www.guardian.co.uk/sport/2011/jul/06/bernie-ecclestone-f1
TELEGRAPH - By Tom Cary, F1 Correspondent
Bernie Ecclestone to discover if he will be charged with 'aiding and abetting' German banker's breach of trust
Bernie Ecclestone, Formula One’s chief executive, is set to discover imminently whether he will be charged by Munich prosecutors with “aiding and abetting” a German banker’s breach of trust.
Gerhard Gribkowsky, formerly chief risk manager of state-owned BayernLB, who had a stake in the sport at the time, oversaw F1’s sale to private equity firm CVC Capital Partners in 2006.
He was arrested on Jan 5 with $50 million of unexplained funds in an Austrian company registered in his name.
Prosecutors allege that Gribkowsky led the bank to sell its stake “without evaluation of its current value” which, in turn, earned him “two consultancy contracts totalling $50 million”. Gribkowsky claims he received this money from Ecclestone.
Gribkowsky has been held in Munich’s notorious Stadelheim prison, where Hitler spent time in 1922 for disturbing the peace, since Jan 5 as the prosecutor decides whether to bring charges against him and Ecclestone, who has been accused of “aiding and abetting”.
Ecclestone, 80, travelled to Germany in April to speak to the prosecutor.
“I am confident that when the full facts have been established, I will be exonerated of blame for any wrongdoing,” he said at the time.
The deadline for a decision on whether to press charges or release Gribkowsky was due yesterday, six months after his arrest, but it is understood that that deadline is not hard and fast.
Sources in Germany suggested that a decision may not be taken until early next week or even later.
Certainly before the German summer holidays, which start at the end of the month.
Speculation that a decision might be forthcoming gathered pace on Tuesday when a website with strong links to Ecclestone published a story saying that it “expected” Ecclestone to be “charged today with aiding and abetting”.
Telegraph Sport understands that Gribkowsky will certainly be indicted for tax evasion but that Ecclestone has been offered the opportunity to cooperate with the prosecutor by supplying evidence against Gribkowsky, in return for a lighter sentence.
This would most likely be in the form of a financial penalty.
If he has not cooperated Ecclestone may also be charged and a European arrest warrant issued, forcing him to stand trial in Germany.
Ecclestone told Telegraph Sport on Tuesday night that he did not know of the six-month deadline for releasing or charging Gribkowsky. “I’ve not heard anything,” he said.
Asked if he expected to be charged, or had received notification that he was to be charged, he added: “As long as it’s not too much. I’m only joking. I honestly don’t know what for because I haven’t done anything wrong.”
If Ecclestone is charged it is unclear what effect it might have on any possible takeover of the sport.
Rupert Murdoch’s News Corporation has already confirmed that it is part of a consortium investigating the possibility of buying the sport from CVC.
Negotiations over a new Concorde Agreement – the three-way commercial contract which binds the teams, the governing body and the commercial rights holder – are at a delicate stage with only 18 months left to run.
The teams have also mooted their desire to buy a stake in the sport, although Ecclestone recently ridiculed that suggestion.
“Very few of them have got enough money to run their teams [let alone buy a stake],” he said.
One thing is clear. All eyes will be watching developments in Germany very closely.
www.telegraph.co.uk/sport/motorsport/formulaone/8619301/Bernie-Ecclestone-to-discover-if-he-will-be-charged-with-aiding-and-abetting-German-bankers-breach-of-trust.html
Also: PITPASS - Gribkowsky Decision Due
www.pitpass.com/44102-Gribkowsky-decision-due
www.pitpass.com/44102-Gribkowsky-decision-due
