BayernLB demands 400 million dollars from Bernie Ecclestone

The Gribkowsky affair seems endless: despite the conviction of the former banker for corruption, his former employer, BayernLB, is now demanding that Bernie Ecclestone repay a $40 million payment as well as pay $350 million related to a loss during the sale of F1 to CVC.

The basis of the Bavarian public bank’s claims is that it believes since Gerhard Gribkowsky received a payment of 27 million pounds from Bernie Ecclestone as part of this sale, there is a strong likelihood that the two men colluded to lower the sale price of the F1 shares held by the German bank.

Furthermore, BayernLB now wishes to obtain a refund of a commission paid to Bernie Ecclestone for facilitating the sale as an intermediary between the bank and the investment fund. It must be said that the sale could never have taken place without the approval of the F1’s major financier, as he held veto rights even though he no longer owned the shares.

According to The Telegraph, the payment of this commission is related to the fact that it was the F1 supremo who vouched for the validity of the F1 accounts to CVC, to whom he allegedly paid $100 million to prove it. He thus declared: « I had to compensate CVC to show that all accounts were in order. There was nothing wrong, and it wasn’t even my business. I paid them $100 million, and in return, I received a commission of $41.4 million. When I think about it now, I realize I was really foolish. »

This last term is not the first that comes to mind when thinking about the businessman, especially when it comes to financial operations. It is therefore highly likely that he had an even greater interest in ensuring this transaction was carried out between the two parties involved.

Obviously, before any potential payment is made to the German bank, the legal battle is likely to be lengthy since Bernie Ecclestone possesses a legal arsenal afforded by his fortune. He is, therefore, determined to defend himself in court if necessary. He told Press Associated: “I’ve been blackmailed twice and I don’t want a third time. I have nothing to be ashamed of. I’m not worried. I’m appalled by all the nonsense of this situation. I sold the shares for the bank. It was something they couldn’t sell. Six people came to see them and none bought. I got them out of this problem and now I’m the one in trouble. Life is like that sometimes.”

With the participation of www.Racingbusiness.fr