Bernie Ecclestone’s sale of F1 Group was ‘corrupt’
Tuesday 29 October 2013
Motorsport boss Bernie Ecclestone made a “corrupt bargain” in a bid to stay at the top of Formula One (F1) racing, a German media company has claimed in the High Court.
Mr Ecclestone entered into the “corrupt agreement” with a banker to facilitate the sale of the Formula One Group to a buyer “chosen” by him, a lawyer representing Constantin Medien told Mr Justice Newey. Constantin says it lost out as a result of the deal and has taken legal action against Mr Ecclestone – the chief executive of the Formula One Group.
Mr Ecclestone says Constantin’s claim “lacks any merit” and denies any “conspiracy”. Philip Marshall, QC, for Constantin, outlined the allegations at the High Court.
He said the banker had “assisted” Mr Ecclestone to facilitate the sale of the Formula One 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 firms which owned “lucrative commercial rights” associated with F1 racing.
He said payments totalling about £27m had been made to Gerhard Gribkowsky at the instigation of Mr Ecclestone. Mr Marshall said a “corrupt arrangement” was entered into between Mr Ecclestone and Dr Gribkowsky in 2005.
The hearing continues.
- 1 The difference between a migrant and refugee, in one sentence
- 2 Miley Cyrus calls out hypocrisy of women’s nipples being taboo
- 3 Celebrity Big Brother 2015: Tila Tequila kicked off show after 'describing Hitler as a good man'
- 4 Watch the Supermoon live: How to see the brightest Moon of the year tonight
- 5 iPhone 5c to be discontinued, no iPhone 6c to replace it
Climate change: 2015 will be the hottest year on record 'by a mile', experts say
'Women only' train carriages: Jeremy Corbyn unveils radical move to tackle public harassment
Black holes are a passage to another universe, says Stephen Hawking
Iain Duncan Smith 'should resign over disability benefit death figures', says Jeremy Corbyn
Stock up on canned food for stock market crash, warns former Gordon Brown adviser
Labour leadership: Jeremy Corbyn voters most likely to believe 'world is controlled by a secretive elite'
£18000 - £30000 per annum: Recruitment Genius: A Sales Executive or Senior Sal...
£40000 - £55000 per annum: Recruitment Genius: This is an exciting opportunity...
£22000 per annum: Recruitment Genius: This industry leading company produces h...
£20000 - £40000 per annum: Recruitment Genius: This IT provider for the educat...