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Posts Tagged ‘ecclestone bribery’

Bernie Ecclestone Buys His Way to Freedom for $100 Mil

German court drops bribery charges.

by on Aug.06, 2014

The 83-year-old Bernie Ecclestone maintains the presumption of innocence, says the German court.

What’s the price of freedom? Apparently, $100 million, at least for Bernie Ecclestone, the controversial boss of the Formula One race series who has been able to convince German prosecutors to halt his bribery trial in return for that hefty fee.

The 83-year-old Ecclestone has long been at the center of rumors and innuendo suggesting shady dealings but only last April went on trial on charges that he paid a former German banker a US$44 million bribe to help him gain control of the F1 series eight years ago.

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Ecclestone has wielded his power ruthlessly in the world of motorsports, beating down several attempts to shift control by some of the larger teams, including Ferrari. In the process, the one-time used car salesman has become a billionaire many times over.

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F1 Boss Ecclestone Facing Possible Bribery Charge

Criminal charges reportedly under study in F1 stock sale.

by on Jun.25, 2012

Is 82-year-old F1 boss Bernie Ecclestone going to face bribery charges?

His name has surfaced in connection with a variety of questionable activities over the years yet Formula One czar Bernie Ecclestone has always managed to steer clear of trouble. But now, his luck may be running out as German newspaper Bild reports that German prosecutors are preparing to file bribery charges that could put the British mogul behind bars for up to a decade.

The potential charges stem from the ongoing trial of German banker Gerhard Gribkowsky, who has been held in a Munich prison for the past 18 months. Gribkowsky’s lengthy trial, which began last October, covers a myriad of charges including corrupt payments, tax evasion and breach of trust against his employer.  It all stems out of the 2006 sale of the Formula One holding company to its current controlling shareholder, CVC Capital Partners.

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In a deal with prosecutors to reduce his sentence to no more than nine years, the former banker had admitted, “I allowed myself to be bribed.  It has taken me a long time to come to terms with what I did to admit it even to myself – yes, it was bribery, and yes, I should have paid tax.  Even today I have troubles accepting this as reality.”  But the damage came when Gribkowsky adds that, “With hindsight, I know now that I should have said no to (Bernie Ecclestone’s) demands.”

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