F1 »

Ecclestone bribery trial ends with £60m settlement

Bernie Ecclestone and prosecutors have agreed a settlement of around £60 million to end his bribery trial
Bernie Ecclestone and prosecutors have agreed a settlement of around £60 million to end his bribery trial.

Last week it was reported that Ecclestone was prepared to pay German bank BayernLB £20 million to settle the case early, before it was confirmed on Tuesday that a German court had accepted an amount three times the original offer.

The 83-year-old has been on trial in Munich since April charged with bribery and incitement to breach of trust. He was accused of paying German banker Gerhard Gribkowsky $44m (£26m) to help ensure a stake in F1 was sold to a company he favoured in 2006.

Gribkowsky was sentenced to eight and a half years in prison in 2012 for accepting bribes, and Ecclestone himself could face a lengthy jail term if found guilty.

Under German law, however, a settlement can be reached if all parties agree.

Speaking on Monday, Ecclestone's lawyer, Sven Thomas, told The Independent: “It seems that we will be successful in the settlement. The amount is not confidential. They are talking about $100m.”

“It is a settlement without any conviction, the presumption of innocence is still valid. That was a condition under which I negotiated.”

“The $100m is for the state of Bavaria,” he added. “Maybe they will try and build a circuit. I will propose this – that they should build a nice circuit.”

Ecclestone has always denied the charges and while he has admitted making a payment to Gribkowsky he says it was a result of “a sophisticated shakedown” and denies any wrongdoing. If found guilty, Ecclestone could have faced a long jail term.



Related Pictures

Click on relevant pic to enlarge
20.07.2014- Bernie Ecclestone (GBR), President and CEO of Formula One Management
20.07.2014- Bernie Ecclestone (GBR), President and CEO of Formula One Management

Join the conversation - Add your comment

Please login or register before adding your comments.

Although the administrators and moderators of this website will attempt to keep all objectionable comments off these pages, it is impossible for us to review all messages. All messages express the views of the poster, and neither Crash Media Group nor Crash.Net will be held responsible for the content of any message. We do not vouch for or warrant the accuracy, completeness or usefulness of any message, and are not responsible for the contents of any message. If you find a message objectionable, please contact us and inform us of the problem or use the [report] function next to the offending post. Any message that does not conform with the policy of this service can be edited or removed with immediate effect.


Taz

August 05, 2014 10:31 AM
Last Edited 133 days ago

Pay of a bribe with a bribe. The power of money over justice in action. Guess this means CVC can sell F1, good for them but it also means we're stuck with Bernie. What a nice corrupt sport.

sirprice1

August 05, 2014 10:49 AM

Paying off a bribery charge with another big bribe smacks of powermongering for the fat cats . I mean if you willingly pay 60million Quid to get out of jail free you are admitting that you are pretty guilty regardless what you and your lawyers spiel .



© 1999 - 2014 Crash Media Group

The total or partial reproduction of text, photographs or illustrations is not permitted in any form.