Bernie Ecclestone questioned for complicity in breach of trust

While he initially stated that he had nothing to do with a possible $50 million payment to the former BayernLB bank employee, the F1 strongman is nevertheless ready to fully cooperate with the German justice system: “I have been cooperating with the State Prosecutor’s investigation into Dr. Gribkowsky’s affairs from the beginning. When I was informed that there was a preliminary suspicion regarding my potential involvement in this case, I went to see the Prosecutor and his team at the beginning of the month to clear all allegations against me. I will continue to fully assist the State Prosecutor’s office and I am confident that once all the facts are established, I will be cleared of all suspicion.”

The suspicions raised by Bernie Ecclestone are not to be taken lightly as they involve a possible complicity in breach of trust on his part during the sale process. The Süddeutsche Zeitung reports that CVC paid 534 million euros to BayernLB to acquire shares held in SLEC, the holding that owns the commercial rights to F1. However, the investment fund is also said to have paid 28 million euros to Bernie Ecclestone (with 19 million going to his family holding, Bambino Holdings). This amount was allegedly paid for the simple reason that Bernie Ecclestone was the central intermediary in finalizing this sale. It seems therefore possible to consider such a payment as legitimate since it is not unusual for intermediaries to be rewarded for their efforts.

However, Gerhard Gribkowsky would also have received a payment of 34 million euros. The German newspaper indicates that investigators have gotten hold of a draft consulting contract intended for the banker, which was drafted by Stephen Mullens, Bernie Ecclestone’s legal advisor, dated November 2005, the month the shares were sold to CVC. The final contract reportedly no longer included the name of Bambino Holdings but the companies from the British Virgin Islands and Mauritius mentioned since the beginning of the affair, which allegedly made a final payment of 50 million dollars to the foundation created by Gribkowsky.

This would therefore mean that Bernie Ecclestone was not involved at all in this payment, but that Gehrard Gribkowsky found a way to pay himself with money from BayernLB, without the rest of the bank’s knowledge. In this case, if the facts were proven, the suspicion of breach of trust would be fully justified for the former employee of the Bavarian bank.

With the participation of RacingBusiness.fr