Banker admits $44 million bribe from Bernie Ecclestone
A former senior official of the German state-run bank BayernLB admitted in court that he received bribes from Bernie Ecclestone during the sale of the Formula 1 commercial rights to the investment fund CVC Partners.
Gerhard Gribkowsky would have received $44-56 million as bribes from Ecclestone to sell Formula1 from German bank to CVC
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The transaction completed in November 2005 was estimated at 839 million dollars and the “commission” received by Gribkowsky was about 5%, after being re-negotiated from 10 percent. The banker received the 44 million through a consulting firm that had set up in Austria. He said he received an offer from Ecclestone to work as a consultant in Formula 1 if he helps sell the share from the German bank’s portfolio to UK’s CVC.