Formula One fights bribery blasts

Bernie Ecclestone has been connected to German banker Gerhard Gribowsky in a bribery case. The former BayernLB Bank executive was accused of accepting $44 million from the Formula One mogul.

Gribowsky allegedly undervalued the price of the bank’s stake in the auto empire during a 2006 sale to Ecclestone, in return he received payments concealed as consulting contracts. The German giant also purportedly paid the 80 year old British billionaire $41.1 million directly and another $25 million to one of his companies.

Gribowsky was arrested in January for tax evasion, breach of trust, and for receiving corrupt payments. Ecclestone has already addressed prosecutors and asserts that he will be acquitted of all accusations.

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