F1 chief Bernie Ecclestone made 'corrupt agreement' - 1 views

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  #1 Theo Walcot on 16 Dec 13

   

  Formula 1 boss Bernie Ecclestone made a "corrupt agreement" in an attempt to stay in charge of the sport, it has been claimed at the High Court.Mr Justice Newey was told Mr Ecclestone deliberately undervalued the Formula 1 Group during its sale in 2006. German media company Constantin Medien claims it lost out over the deal and is seeking about £90m in damages.The F1 chief executive denies any wrongdoing and his lawyers say the claim lacks "merit".Retained positionPhilip Marshall QC, representing Constantin, outlined its allegations at the start of a High Court trial in London expected to last several weeks.He said a banker had "assisted" Mr Ecclestone to facilitate the sale of the Formula 1 Group to a "purchaser chosen by Mr Ecclestone".Mr Marshall suggested that "corrupt payments" had resulted in a sale of the bank's investment in a group of companies that owned "lucrative commercial rights" associated with Formula 1 racing.He said payments totalling about £27m had been made to Gerhard Gribkowsky, who had been a "senior ranking official" at a German bank, at the instigation of Mr Ecclestone.Mr Marshall told the court a "corrupt arrangement" was entered into between Mr Ecclestone and Dr Gribkowsky in 2005.He said Mr Ecclestone had benefited financially and he said the deal had allowed Mr Ecclestone to retain a "position with Formula 1 going forward".There had been a "real risk" of Mr Ecclestone's removal from his position in the Formula 1 Group, he added. News from BBC

   

  <div class="cArrow"> </div><div class="cContentInner">Formula 1 boss Bernie Ecclestone made a "corrupt agreement" in an attempt to stay in charge of the sport, it has been claimed at the High Court.Mr Justice Newey was told Mr Ecclestone deliberately undervalued the Formula 1 Group during its sale in 2006. <img class="imgContent" src="http://img2.blog.zdn.vn/36359495.jpg" height="311" width="520" id="imgContent_36359495" alt="Dental care" /> German media company Constantin Medien claims it lost out over the deal and is seeking about £90m in damages.The F1 chief executive denies any wrongdoing and his lawyers say the claim lacks "merit".Retained positionPhilip Marshall QC, representing Constantin, outlined its allegations at the start of a High Court trial in London expected to last several weeks.He said a banker had "assisted" Mr Ecclestone to facilitate the sale of the Formula 1 Group to a "purchaser chosen by Mr Ecclestone".Mr Marshall suggested that "corrupt payments" had resulted in a sale of the bank's investment in a group of companies that owned "lucrative commercial rights" associated with Formula 1 racing.He said payments totalling about £27m had been made to Gerhard Gribkowsky, who had been a "senior ranking official" at a German bank, at the instigation of Mr Ecclestone.Mr Marshall told the court a "corrupt arrangement" was entered into between Mr Ecclestone and Dr Gribkowsky in 2005.He said Mr Ecclestone had benefited financially and he said the deal had allowed Mr Ecclestone to retain a "position with Formula 1 going forward".There had been a "real risk" of Mr Ecclestone's removal from his position in the Formula 1 Group, he added. News from <a href="http://bbc.com" rel="nofollow">BBC</a></div>

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