21 July,2011 08:43 AM IST | | PA Sport
Prosecutors in Munich have charged a former executive at a German bank for allegedly taking bribes from Formula One boss Bernie Ecclestone in connection with the 2006 sale of the bank's stake in F1.
Bernie Ecclestone
Gerhard Gribkowsky, a former member of the management board at the regional bank BayernLB, was in charge of managing the sale of BayernLB's stake to private equity firm CVC Capital Partners.
Prosecutors say Gribkowsky sold the stake without updating its valuation in return for bribes disguised as consulting contracts. He faces up to 10 years in prison if convicted.
Mr Ecclestone, 80, has met prosecutors over the case and says he is confident he will be exonerated of any wrongdoing.
Prosecutor's spokeswoman Barbara Stockinger said Gribkowsky personally took ufffd27.5 million in payments from the "Formula One CEO", identified in a news release as "Bernard E", and an affiliated company described variously as Bambino Trust and Bambino Holding.
