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Ecclestone Will Pay to End Corruption Case

ecclestone corruption bayrische landesbank gerhard gribkowsky

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    Cinicus Magnus

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Posted 05 August 2014 - 02:17 PM

Bloomberg said:


Bernie Ecclestone will pay $100 million to end a Munich corruption case that’s tainted his role as Formula One chief for more than three years.

Judges signed off on Ecclestone’s offer, which the 83-year-old announced at court in Munich earlier today. Ecclestone said he would be able to transfer the amount within a week.

Ecclestone has been on trial in Munich since April on charges he bribed Gerhard Gribkowsky, the former chief risk officer of Bayerische Landesbank, with $44 million to ensure he wouldn’t oppose the sale of the lender’s Formula One stake to CVC Capital Partners Ltd. in 2005. Gribkowsky, who managed the BayernLB’s interest in Formula One before the sale, was convicted in 2012 of accepting bribes and sentenced to 8 1/2 years in prison.

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#2    libstaK

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Posted 05 August 2014 - 02:27 PM

So he's up on charges of bribing and he is getting off by offering a bribe?  Even justice has a price tag it seems.

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    Cinicus Magnus

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Posted 05 August 2014 - 02:39 PM

View PostlibstaK, on 05 August 2014 - 02:27 PM, said:

So he's up on charges of bribing and he is getting off by offering a bribe?  Even justice has a price tag it seems.

German state attorneys can stop a case if they feel that further prosecution is not in public interest and that a "high enough price" has been paid. The worst that could have happened to Ecclestone was to get a few years of prison of which, given his age and previous criminal record, he would not have served a single day. They probably offered this deal to Ecclestone before it ever hit the courts... but at the time his lawyers had thought they could get him off by claiming that he was not bribing but being "extorted".

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#4    StarMountainKid

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Posted 05 August 2014 - 02:47 PM

$100 million is pocket change to Bernie. He bought his daughter a $90 million home in Beverly Hills.

Edited by StarMountainKid, 05 August 2014 - 02:49 PM.

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