Formula One chief Bernie Ecclestone has admitted paying 27 million pounds to German investment banker Gerhard Gribkowsky, but rebuffed reports that it was a bribe.
His own defense documents have revealed that he and his family paid the amount to Gribkowsky through a third party to conceal their identity.
Ecclestone claimed that he paid Gribkowsky after the latter threatened him.
Gribkowsky is already facing a criminal case related to payments in Germany and Ecclestone is also facing a case in London, a leading daily reports. Zee News
The parties are accused by former owner of F1, Constantin Medien, of materially undervaluing the motorsport when it was sold to CVC Partners in 2005, in part through the payment of bribes.
Mr Ecclestone denies any unlawful conduct. His defence states: “There was no conspiracy, no fraud, no combination and no unlawful conduct”.
The F1 boss says he made the multi-million pound payment to Mr Gribkowsky after being threatened by the banker.
The document states: “Mr Ecclestone did arrange for payments to be made to Mr Gribkowsky. These payments were made in response to insinuations from Mr Gribkowsky that he would create difficulties with the UK tax authorities with regard to the status and efficacy of the Bambino trust arrangements…. Mr Ecclestone chose to pay Mr Gribkowksy off rather than face the aggravation, delay and potential risks (however unqualified) that Mr Gribkowsky threatened.”
According to Mr Ecclestone’s defence the payments were channelled through third party companies with the help of an intermediary, Swiss financial advisor Andre Favre.
Mr Favre is described as someone who “provided services to Mr Ecclestone from time to time.”
There is no suggestion that Mr Favre was engaged in any wrongdoing.
As well as admitting the $44m payments Mr Ecclestone details how he was paid a 5pc commission from the sale of F1 to CVC. Telegraph.co.uk
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