CVC seeks to distance itself from corruption case

F1's majority owner CVC Capital Partners has issued a statement to assure that it has 'no knowledge' of the current fraud and corruption scandal involving Gerhard Gribkowsky, the former head of the sport's holding company SLEC

07 Jan 2011

CVC Capital Partners has sought to distance itself from the fraud and corruption probe into Gerhard Gribkowsky, insisting that it has 'no knowledge' of the scandal and has not been contacted by the investigating Bavarian State Prosecutor's office in Munich.

Earlier this week, it emerged that Gribkowsky - a banker who was previously the head of F1 holding company SLEC - had been arrested in his German homeland on suspicion of corruption, tax fraud, bribery and breach of trust relating to a deal in which shares were sold from the bank BayernLB to CVC, the sport's majority owners [see separate story - click here].

At the crux of the investigation is the source of 'two consultancy contracts totalling $50 million' that were recently paid to Gribkowsky via two accounts in Austria for his role in brokering the deal, and of which CVC is adamant it was entirely unaware.

'CVC can confirm that it has no knowledge of these investigations, nor any circumstances surrounding them, and that we have had no contact with the relevant authorities, nor with Mr. Gribkowsky regarding this matter,' read a statement, published by grandprix.com.

'Furthermore, CVC confirms that it has no knowledge of, nor any involvement in, any payment to Mr. Gribkowsky or anyone connected with him in relation to CVC's acquisition of F1."