Formula One: Banker charged over F1 rights sale
Gerhard Gribkowsky, the former head of risk management at Bavarian bank BayernLB, is being charged with corruption.
FRANKFURT:
Prosecutors in Munich have charged a former senior executive at a German bank for allegedly taking bribes from Formula One supremo Bernie Ecclestone in connection with the sale of the bank’s stake in Formula One. Gerhard Gribkowsky, the former head of risk management at Bavarian bank BayernLB, is being charged with corruption, abuse of confidence and tax evasion, after overseeing the sale of BayernLB’s commercial rights stake to private equity firm CVC Capital Partners in early 2006. Prosecutors claim that two Austrian companies set up by Gribkowsky received $44 million from Ecclestone.
Published in The Express Tribune, July 21st, 2011.
Prosecutors in Munich have charged a former senior executive at a German bank for allegedly taking bribes from Formula One supremo Bernie Ecclestone in connection with the sale of the bank’s stake in Formula One. Gerhard Gribkowsky, the former head of risk management at Bavarian bank BayernLB, is being charged with corruption, abuse of confidence and tax evasion, after overseeing the sale of BayernLB’s commercial rights stake to private equity firm CVC Capital Partners in early 2006. Prosecutors claim that two Austrian companies set up by Gribkowsky received $44 million from Ecclestone.
Published in The Express Tribune, July 21st, 2011.