Thu, 28 Jun 2012 09:46:28 GMT

Banker sentenced to jail for F1 bribery

Gerhard Gribkowsky was on Wednesday sentenced to jail by a Munich court.

Gerhard Gribkowsky

Former Bayern LB banker Gerhard Gribkowsky arrives at a district court in Munich, February 27, 2012. Gribkowsky is charged with breach of trust and tax evasion. He was arrested in January 2011 in relation to the 2006 sale of his bank's 48 percent stake in Formula One to current rights holders CVC and alleged payments to him of $50 million.

The guilty verdict could have serious implications for F1 chief executive Bernie Ecclestone, who admits to paying millions to the former BayernLB banker.

Gribkowsky was sentenced to eight and a half years in jail for crimes including bribery, for the $44 million received from Ecclestone.

In closing arguments earlier Wednesday, the German prosecutors described Ecclestone as an "accomplice", not a victim of extortion as claimed by the 81-year-old Briton.

Source: GMM

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