Source: Agencies |
April 25, 2014, Friday
FORMULA One chief executive Bernie Ecclestone
denied bribery allegations yesterday when he went on trial in Germany in
a case that threatens to break the Briton’s decades-long dominance of
the motor sport.
Prosecutors have charged Ecclestone, 83, with bribing banker Gerhard Gribkowsky to smooth the sale eight years ago of a stake in Formula One to private equity firm CVC. They say that Ecclestone favored CVC because it was committed to keeping him on as chief executive.
“I’m confident, the sun is shining,” Ecclestone told media as he entered the Munich courtroom.
The former used-car salesman, who became a billionaire by building motor racing into a global money spinner over the past four decades, is fighting to save his job and his reputation. He faces up to 10 years in jail if convicted.
As the trial began, his lawyers issued a brief statement, confirming that he denied the accusations and would fight to clear his name.
“The alleged bribery never happened. The prosecution’s claims are based on statements by Dr Gribkowsky, which are wrong, misleading and not conclusive.”
The prosecution, in a 24-page statement, told the packed courtroom that Ecclestone channelled US$44 million to former BayernLB banker Gribkowsky for having helped to safeguard his position as head of Formula One.
Prosecutors have charged Ecclestone, 83, with bribing banker Gerhard Gribkowsky to smooth the sale eight years ago of a stake in Formula One to private equity firm CVC. They say that Ecclestone favored CVC because it was committed to keeping him on as chief executive.
“I’m confident, the sun is shining,” Ecclestone told media as he entered the Munich courtroom.
The former used-car salesman, who became a billionaire by building motor racing into a global money spinner over the past four decades, is fighting to save his job and his reputation. He faces up to 10 years in jail if convicted.
As the trial began, his lawyers issued a brief statement, confirming that he denied the accusations and would fight to clear his name.
“The alleged bribery never happened. The prosecution’s claims are based on statements by Dr Gribkowsky, which are wrong, misleading and not conclusive.”
The prosecution, in a 24-page statement, told the packed courtroom that Ecclestone channelled US$44 million to former BayernLB banker Gribkowsky for having helped to safeguard his position as head of Formula One.
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