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Formula 1 boss Ecclestone indicted on bribery charge | Formula 1 boss Ecclestone indicted on bribery charge |
(about 7 hours later) | |
German prosecutors have indicted Formula 1 motor racing boss Bernie Ecclestone on a bribery charge. | German prosecutors have indicted Formula 1 motor racing boss Bernie Ecclestone on a bribery charge. |
The charge relates to a $44m (£29m) payment to German banker Gerhard Gribkowsky of Bayern Landesbank, linked to the sale of a stake in F1. | The charge relates to a $44m (£29m) payment to German banker Gerhard Gribkowsky of Bayern Landesbank, linked to the sale of a stake in F1. |
Mr Ecclestone denies bribing Gribkowsky, and says the money was intended to stop the banker from exposing him to a UK tax inquiry. | Mr Ecclestone denies bribing Gribkowsky, and says the money was intended to stop the banker from exposing him to a UK tax inquiry. |
Mr Gribkowsky was sentenced to eight-and-a-half years in jail in Munich. | Mr Gribkowsky was sentenced to eight-and-a-half years in jail in Munich. |
Speaking to the Financial Times on Wednesday, Mr Ecclestone said: "I have just spoken to my lawyers and they have received an indictment. It's being translated into English." | Speaking to the Financial Times on Wednesday, Mr Ecclestone said: "I have just spoken to my lawyers and they have received an indictment. It's being translated into English." |
"We are defending it properly. It will be an interesting case. It's a pity it's happened." | |
Mr Ecclestone has six weeks to respond to the indictment, Formula One Group said in a statement. | |
'Silly things' | 'Silly things' |
The charges are related to the 2006 sale of a 47% stake in Formula 1 by Bayern Landesbank, which had acquired it from the bankrupt Kirch media group. | The charges are related to the 2006 sale of a 47% stake in Formula 1 by Bayern Landesbank, which had acquired it from the bankrupt Kirch media group. |
Gribkowsky had been in charge of managing the sale to private equity group CVC Capital Partners. | Gribkowsky had been in charge of managing the sale to private equity group CVC Capital Partners. |
CVC has since reduced its stake in a series of deals. It has not commented on the indictment. | CVC has since reduced its stake in a series of deals. It has not commented on the indictment. |
At his trial last year, Gribkowsky admitted corruptly receiving $41.4m (£26.6m) in bank commissions and a large payment via the Ecclestone family's Bambino Trust. | At his trial last year, Gribkowsky admitted corruptly receiving $41.4m (£26.6m) in bank commissions and a large payment via the Ecclestone family's Bambino Trust. |
He maintained he had been paid to undervalue the shares. | He maintained he had been paid to undervalue the shares. |
But Mr Ecclestone says he paid Gribkowsky to keep him quiet, believing the banker was planning to give false information to the UK authorities about his tax affairs. | But Mr Ecclestone says he paid Gribkowsky to keep him quiet, believing the banker was planning to give false information to the UK authorities about his tax affairs. |
Mr Ecclestone said at the time that proving the allegation was false "would have been very expensive for me". | Mr Ecclestone said at the time that proving the allegation was false "would have been very expensive for me". |
"The tax risk would have exceeded £2bn. I paid him to keep calm and not to do silly things," he said. | "The tax risk would have exceeded £2bn. I paid him to keep calm and not to do silly things," he said. |
Mr Ecclestone has until mid-August to respond to the charges. The court will then decide whether to take the case to trial - it could be heard by mid-September. | Mr Ecclestone has until mid-August to respond to the charges. The court will then decide whether to take the case to trial - it could be heard by mid-September. |
He faces a possible jail term if found guilty, something he has previously said would force him to stand down as head of F1. | He faces a possible jail term if found guilty, something he has previously said would force him to stand down as head of F1. |
His lawyer told the Financial Times the indictment was largely based on statements from Gribkowsky, and that Mr Ecclestone intended to dispute these. | His lawyer told the Financial Times the indictment was largely based on statements from Gribkowsky, and that Mr Ecclestone intended to dispute these. |