Tag: Bernie Ecclestone

As expected news has come through overnight confirming the end to the Bernie Eccelstone bribery case, thanks to an agreed settlement which will cost the F1 supremo US$100 million.

“The court did not consider a conviction overwhelmingly likely from the present point of view,” said Andrea Titz, spokesperson for the Munich court. “There was no conclusion on guilt or innocence of the defendant. He is leaving this courtroom a free man.”

The 83-year-old is free to continue in his daily role of running Formula 1, although it is unclear if he will return to the sport’s board of a directors, a position he stood down from after it was announced he would stand trial.

“It is a settlement without any conviction, the presumption of innocence is still valid,” said Eccelstone’s lawyer Sven Thomas. “That was a condition under which I negotiated.”

German law stipulates that legal proceedings can be stopped and charges withdrawn if terms can be agreed, usually by way of a fine or an agreement to do community work. Such settlements can only take place if the “gravity of guilt” would not prevent the outcome.

It is believed Eccelstone’s $100m payment is the largest of its kind in Germany. The money will go to the German treasury with $1m being set aside for a charity dealing with terminally ill children.

[Source: The Independent]

Last week news emerged that Bernie Ecclestone was likely to buy his way out of the bribery charges laid against him in a German court. Today, The Independent reports Eccelstone will pay US$100m to settle the case. That money will go to the German state of Bavaria and, astonishingly, Bernie says they should build a new Formula 1 track with the money.

“It seems that we will be successful in the settlement,” Ecclestone’s lawyer Sven Thomas revealed. “The amount is not confidential. They are talking about $100m.

“The $100m is for the state of Bavaria. Maybe they will try and build a circuit. I will propose this—that they should build a nice circuit.”

So, in a way Bernie is hoping to turn this court case into an investment opportunity for him. Talk about no shame!

Crucially, the terms of the settlement under German law will see that all charges against Ecclestone are withdrawn.

“It is a settlement without any conviction, the presumption of innocence is still valid. That was a condition under which I negotiated,” Thomas added.

At worst Ecclestone was facing up to 10-years in jail if he was found guilty. Last November Donald Mackenzie, co-founder of CVC the owners of Formula 1, said he was prepared to end Bernie’s reign as F1 supremo.

“If it is proven that Mr Ecclestone has done anything that is criminally wrong, we would fire him,” Mackenzie said.

The allegations of bribery began to stumble in court when chief witness Gerhard Gribkowsky, already serving jail time for his part in the saga, said he did not question why he was paid £27 million by Ecclestone while negotiating for the sale of Formula 1 to CVC.

“I never asked myself that question,” Gribkowsky told the court. “I’m still annoyed with myself for that today.”

Ecclestone further added it was the prosecution who initiated settlement talks.

“The prosecutors said, ‘Do we want to have a chat about it?’ That is what started it,” Ecclestone claimed. “We didn’t ask them, they asked us.”

Sometimes being a fan of Formula 1 really stinks.

[Source: The Independent | Pic: AFP]

The bribery case involving Bernie Ecclestone looks set to be settled out of court. The BBC reports Ecclestone’s lawyers are ready to pay up to €25 million (AU$35.7m) to end the case against him in the German courts.

On Tuesday Ecclestone’s defence team called for an end to proceedings citing a lack of evidence while also indicating the F1 supremo is willing to negotiate an out of court settlement. If a suitable settlement can be achieved German law allows prosecutors to withdraw all charges.

The bribery claims relate to the sale of Formula 1 to CVC Capaital Partners in 2006, where it is alleged Ecclestone paid off former banker Gerhard Gribkowsky to ensure a smooth transaction.

Gribkowsky is currently serving an eight-and-a-half year jail term for his part in that deal, being found guilty of accepting a bribe.

[Source: BBC | Pic: AP]

The UK High Court has dismissed an £85 million damages claim made by German media company Constantin Medien against Bernie Ecclestone. However, Mr Justice Newey did find that Ecclestone entered a “corrupt” deal with jailed German banker Gerhard Gribkowsky and the payments made to him by Ecclestone “were a bribe”.

Constantin Medien was seeking damages from Eccelstone, claiming he sold to CVC Capital Partners in 2005 on the cheap. Constantin Medien, a former F1 shareholder, stood to benefit from massive commissions if the sport’s rights were sold for more than £1 billion. The sale price in 2005 was £830 million.

In a blow to Ecclestone’s integrity Justice Newey went on to add that the 83-year-old could not be considered a “reliable or truthful” witness.

Explaining his decision Newey said: “No loss to Constantin has been shown to have been caused by the corrupt arrangement. That fact is fatal to the claim.”

In response to Justice Newey’s comments Ecclestone said: “Let’s assume I am a liar and let’s assume I am unreliable.

“I’ve run the sport for the last 30-odd years and nothing has changed. So if I was unreliable, and whatever, I have been lucky to have been as successful as we have been.”

Ecclestone will face a German court in April to answer the separate, but related, bribery charges against Gerhard Gribkowsky. If found guilty the F1 supremo could face a prison sentence.

[Source: BBC]

Formula 1 supremo Bernie Ecclestone could face up to a decade in jail after being ordered to stand trial in a Munich court to answer bribery charges.

In a statement confirming the trial the court said, “Under current planning, the main trial should start in late April.”

Ecclestone has stood down from the Formula One Group board of directors but will continue his daily operations with F1 while the trial is underway.

A statement from the F1 board reads in part: “It is in the best interests of both the F1 business and the sport that Mr Ecclestone should continue to run the business on a day-to-day basis, but subject to increased monitoring and control.”

The statement later added: “Mr Ecclestone has reassured the Board that he is innocent of the charges and intends to vigorously defend the case.”

The bribery claims relate to the sale of Formula 1 to CVC Capaital Partners in 2006, where it is alleged Ecclestone paid off former banker Gerhard Gribkowsky to ensure a smooth transaction.

Gribkowsky is currently serving an eight-and-a-half year jail term for his part in that deal, being found guilty of accepting a bribe.

[Source: Reuters & SMH | Pic: Reuters/Olivia Harris]

Bernie Ecclestone has found himself in more hot water, forced to defend himself in the British High Court against claims he deliberately undervalued Formula 1 when its commercial rights were sold to CVC Capital Partners in 2005. The hearing is scheduled to take three days and began with a slightly bizarre entrance to the court building from the 83-year-old F1 supremo (see video below).

German media company Constantin Medien is seeking £100 million in damages from Eccelstone, claiming he sold to CVC Capital Partners in 2005 on the cheap after they had agreed to allow him to keep his “supremo” title and keep running the sport.

Constantin Medien, a former F1 shareholder, stood to benefit from massive commissions if the sport’s rights were sold for more than £1 billion. The sale price in 2005 was £830 million.

The case is related to the bribery claims Ecclestone is facing from a German court alleging he paid former BayernLB banker Gerhard Gribkowsky $44m to prevent Gribkowsky from exposing Ecclestone to British tax authorities. For his part in the transaction Gribkowsky was convicted and sentenced to eight-and-a-half years in jail.

[Source: The Telegraph & Yahoo Sport]