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German banker arrested over F1 bribe
Source: Agencies |
January 7, 2011, Friday
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A FORMER German bank executive has been arrested for allegedly accepting a US$50 million kickback in the 2006 sale of a large stake in the Formula One's rights holding company, German prosecutors said.
The former risk manager of regional public-sector wholesale bank BayernLB was taken into custody on Wednesday on charges of corruption, tax fraud and breach of trust toward his former employer.
Gerhard Gribkowsky was in charge of managing the sale of the bank's F1 stake to London-based buyout group CVC Capital Investment. But prosecutors say he led the bank to sell it "without evaluation of its current value" which, in turn, earned him "two consultancy contracts totaling US$50 million."
The money was paid to firms in Austria that he had set up. Gribkowsky also failed to pay millions in taxes on the additional income.
BayernLB held a 48 percent stake in SLEC Holdings, which owned the companies that run the F1 series. At the time, 25 percent was owned by Bernie Ecclestone and the remainder was held by other banks. CVC bought Ecclestone's and the BayernLB's stakes and became the Formula One's majority shareholder.
The former risk manager of regional public-sector wholesale bank BayernLB was taken into custody on Wednesday on charges of corruption, tax fraud and breach of trust toward his former employer.
Gerhard Gribkowsky was in charge of managing the sale of the bank's F1 stake to London-based buyout group CVC Capital Investment. But prosecutors say he led the bank to sell it "without evaluation of its current value" which, in turn, earned him "two consultancy contracts totaling US$50 million."
The money was paid to firms in Austria that he had set up. Gribkowsky also failed to pay millions in taxes on the additional income.
BayernLB held a 48 percent stake in SLEC Holdings, which owned the companies that run the F1 series. At the time, 25 percent was owned by Bernie Ecclestone and the remainder was held by other banks. CVC bought Ecclestone's and the BayernLB's stakes and became the Formula One's majority shareholder.
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