Ecclestone admits to paying off banker | india | Hindustan Times
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Ecclestone admits to paying off banker

Formula One Management (FOM) CEO Bernie Ecclestone has admitted to paying former German bank executive Gerhard Gribowsky $ 44 million in 2005 following the sale of 47 percent stake of Formula 1's parent company to a private equity group.

india Updated: Jul 23, 2011 00:46 IST
HT Correspondent

Formula One Management (FOM) CEO Bernie Ecclestone has admitted to paying former German bank executive Gerhard Gribowsky $ 44 million in 2005 following the sale of 47 percent stake of Formula 1's parent company to a private equity group.

Ecclestone told British newspaper The Telegraph that Gribowsky threatened to 'make trouble' for him with Great Britain tax collection authority if he didn't make the payment. Ecclestone, however, did not accuse Gribowsky of blackmail.

Along with tax evasion and breach of trust, Gribowsky has been accused by German authorities of recieving corrupt payments from Ecclestone who is now under investigations by German authorities.

The state prosecutor from Munich alleged that Gribowsky, the former chief risk officer at a state owned German bank that held a stake in F1's parent company paid Ecclestone $ 41.4 million in commissions as well as $ 25 million to Ecclestone's family trust.