Bernie might be doing porridge?


Sidecar racers have the biggest cojones

Bernie Ecclestone to discover if he will be charged with 'aiding and abetting' German banker's breach of trust

Bernie Ecclestone, Formula One’s chief executive, is set to discover imminently whether he will be charged by Munich prosecutors with “aiding and abetting” a German banker’s breach of trust.

Gerhard Gribkowsky, formerly chief risk manager of state-owned BayernLB, who had a stake in the sport at the time, oversaw F1’s sale to private equity firm CVC Capital Partners in 2006.

He was arrested on Jan 5 with $50 million of unexplained funds in an Austrian company registered in his name.

Prosecutors allege that Gribkowsky led the bank to sell its stake “without evaluation of its current value” which, in turn, earned him “two consultancy contracts totalling $50 million”. Gribkowsky claims he received this money from Ecclestone.

Gribkowsky has been held in Munich’s notorious Stadelheim prison, where Hitler spent time in 1922 for disturbing the peace, since Jan 5 as the prosecutor decides whether to bring charges against him and Ecclestone, who has been accused of “aiding and abetting”.

Ecclestone, 80, travelled to Germany in April to speak to the prosecutor.
Knowing Bernie, he'll find some loophole to get himself off the charge. In all seriousness though, if Bernie does get charged, could this pave the way for a Newscorp. takeover of Formula 1?
Well, this story was in the Times today so they certainly think so!

Also hides another story for Newscorp, doesn't it?
To my way of thinking this just reinforces the possibility of a Newscorp takeover.
This has probably come to light by Newscorp carrying out a "due diligence" study and as we all know Newscorp don't miss a trick when it comes to "digging the dirt".
I think Bernie would claim that Gerhard Gribkowsky was a consultant for his part of the ownership in F1, the fact that this person was the chief risk manager of state-owned BayernLB, who had a stake in the sport at the time is purely coincidental. At worst they (the prosecutors) can claim a conflict of interest, he was acting on behalf of two parties to aide the transfer of ownership to CVC Capital Partners.
The problem arises if Gerhard Gribkowsky deliberately caused the state-owned BayernLB shares to sold at below market value to CVC Capital Partners.
At Worst, what can they do to an eighty year old man?
My guess is that Bernie will argue that he was duped too and should have his $50m back.

Oh, what a tangled web we weave... :rolleyes:
I'm really disappointed with this thread, I though maybe BE was going to be playing Fletcher in a new series of Porridge :( Max as Mr MacKay and Flavio as Godber...
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