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ESPNF1 Formula One boss Bernie Ecclestone has been accused of making a "corrupt agreement" as the first day of a High Court case got underway in London.
German media company Constantin Medien claims its shares in the Formula One Group were undervalued when they were sold in 2006 and is seeking about £90 million in damages from Ecclestone and three others defendants. On the opening day of the case Philip Marshall QC, representing Constantin Medien, told the court that "corrupt payments" had been made to German banker Gerhard Gribkowsky during the sale as Ecclestone sought to retain a "position with Formula One going forward". Gribkowsky, who is currently serving an eight-and-a-half year jail sentence in Germany after being convicted of breach of trust, tax evasion and bribery, is alleged to have received a payment of about £27 million around the time of the sale.
Ecclestone has consistently denied any wrongdoing relating to the sale of the shares and was not present at the opening day at the High Court. Robert Miles QC, representing Ecclestone, said: "The claim fails on each of its elements. There was no conspiracy, there was no intent to injure Constantin. Constantin has suffered no loss.
He added: "Mr Ecclestone agreed to a pay off because of the tax threats and insinuations which he had received from Dr Gribkowsky."
Ecclestone said earlier this year that he had only paid Gribkowsky because the German had threatened to blackmail him by making false claims about his tax affairs. The court case is expected to last several weeks, with Ecclestone due to appear next week as a witness.
Meanwhile, the affair is also being investigated by German prosecutors who have delayed a trial date until next year. A separate investigation has also been opened by Swiss prosecutors following a complaint by Constantin Medien.
Bernie Ecclestone court case sees F1 deal-making under scrutiny
Ecclestone denied in court this week that the £10m he personally provided to Gribkowsky was a bribe and said it was unrelated to the Formula 1 sale.
"I paid him to do a job", Ecclestone told the court.
Bernie Ecclestone denied making corrupt payments to a German banker
At the High Court, Ecclestone denied making corrupt payments to a German banker
The job, it transpired, was to ensure Mr Gribkowsky didn't "shake him down" by talking to the UK tax authorities about the structure of his family's financial trust, Bambino.
Whitmarsh to take overhe'd just sit there smiling and saying nice things about Jenson while F1 imploded around him.
I thought you'd like my comment!
BTW, I hope you're drinking wine at the moment! I've got a glass of Italian Red here
Whitmarsh to take overhe'd just sit there smiling and saying nice things about Jenson while F1 imploded around him.
I thought you'd like my comment!
BTW, I hope you're drinking wine at the moment! I've got a glass of Italian Red here
I might indulge in Glenlivet to join the party!!
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