Reuters: Private Equity: Banker in Formula One bribery case gets 8-1/2 years

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Banker in Formula One bribery case gets 8-1/2 years Jun 27th 2012, 14:07 MUNICH, June 27 | Wed Jun 27, 2012 10:07am EDT MUNICH, June 27 (Reuters) - A German banker who admitted to taking bribes during the sale of a stake in the Formula One business, was sentenced to 8 years and six months in prison by a Munich court on Wednesday. Presiding judge Peter Noll convicted BayernLB's former chief risk officer Gerhard Gribkowsky of tax evasion, bribery and breach of fiduciary trust. Gribkowsky was arrested in January 2011 in relation to the sale of BayernLB's 48 percent stake in Formula One to UK investor CVC, which Formula One chief Bernie Ecclestone was keen to see as a new shareholder. Gribkowsky in June admitted in court that he received 45 million euros and a job offer as part of a secret agreement with Ecclestone in 2005. Ecclestone, for his part, has described paying Gribkowsky as a "bit stupid". He has, however, contested that he paid only some 10 million pounds ($16 million) to Gribkowsky to "keep him quiet" because Gribkowsky had been putting him under pressure over his tax affairs and not to smooth the sale to CVC. The judge has previously said Gribkowsky could face up to nine years in prison. BayernLB had ended up with the Formula One stake following the bankruptcy of late German media mogul Leo Kirch and had assigned Gribkowsky with hiving it off. Link this Share this Digg this Email Reprints

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