Munich Bank To Sue F1 Boss for $400 Million in Damages
Berlin (dpa) — A German bank plans to sue Formula One motor racing boss Bernie Ecclestone in January for 400 million dollars in damages, a spokeswoman for Munich-based bank BayernLB said Wednesday.
The suit would be filed with the High Court in London, she told dpa.
The state-owned bank was briefly the chief shareholder in F1 after an insolvency. It will argue that it sold the stake onwards below true value in 2006 to British-based investor CVC because Ecclestone had influenced an executive at the bank.
Gerhard Gribkowsky, the executive, was jailed last year for eight-and-a-half years for accepting a bribe and other offences. He admitted paying Ecclestone a “commission” of 66 million dollars, of which 44 million dollars was allegedly kicked back to Gribkowsky.
BayernLB is demanding Ecclestone return the commission plus other sums. Separately, German prosecutors have indicted Ecclestone for corruption, but a court has yet to decide whether to take up the case.