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[JackMaster]

Gerhard GRIBKOWSKI, who worked for the German bank Bayerische Landesbank has been taken into custody in charges of:
• Corruption
• Tax fraud
• Breach of trust with his former employers
He led Bayerische Landesbank in November 2005 to sell its 48% stake in F1 to CVC without a proper evaluation of its full value and in doing so earned a consultancy contract for himself worth of $50 Millions.
CVC also owns the Moto GP rights and controls the Automobile Association in the UK.
January 6th 2011

[What's Burning?]

these investigations may turn out to be quite a lot of fun as they develop.

[Jabberwocky]

does that mean that Bernie sold F1 with a bit of insider dealing!?!?!

[JackMaster]

does that mean that Bernie sold F1 with a bit of insider dealing!?!?!

Well, apparently he did. If they paid a $50 million “commission” to the seller’s representative, the evaluation of the whole value of the F1 should have been very generous with them.

[texasmr2]

Now this is very interesting news indeed, thanks Jack .

[JackMaster]

Now this is very interesting news indeed, thanks Jack .

You’re welcome texasmr2.
I would also like to know why this dirty agreement wasn’t found out until five years later, probably it has been discovered because of the tax evasion. We’ll have to wait and see the repercussions of this affair in CVC and in the new agreement with the F1 teams.
Our admired Bernie, he’s always been so fine and honest. I can’t believe in that. It must be another conspiracy theory against him. I’m pretty sure he hasn't anything to be with that.

[smokin]

Now this is very interesting news indeed, thanks Jack .

You’re welcome texasmr2.
I would also like to know why this dirty agreement wasn’t found out until five years later, probably it has been discovered because of the tax evasion. We’ll have to wait and see the repercussions of this affair in CVC and in the new agreement with the F1 teams.
Our admired Bernie, he’s always been so fine and honest. I can’t believe in that. It must be another conspiracy theory against him. I’m pretty sure he hasn't anything to be with that.

[Jensonb]

Now this is very interesting news indeed, thanks Jack .

You’re welcome texasmr2.
I would also like to know why this dirty agreement wasn’t found out until five years later

Same reason it took a decade for the world to notice nobody'd actually had any money since about 1998. Bankers are smart.

[JackMaster]

Now this is very interesting news indeed, thanks Jack .

You’re welcome texasmr2.
I would also like to know why this dirty agreement wasn’t found out until five years later

Same reason it took a decade for the world to notice nobody'd actually had any money since about 1998. Bankers are smart.

In this case the bank was the victim. CVC and a dishonest employee were the criminals.
Anyway, talking in general, at every successive crisis politicians give to the Media and the people one or several scapegoats: bankers, builders, oil..... In my opinion the real responsible of the impoverishment of the people are politicians and bureaucrats, every day more numerous, inefficient and corrupted. They take more and more money from the people and give back less and less, until becoming a real cancer for society.
While companies and workers suffer the effects of the crisis and have to adapt them or disappear, politicians and bureaucrats are immune to crisis, they continue growing and growing and any of them get ruined. One thing is sure, they are never guilty or if they are, they never pay for it.

[Jensonb]

Now this is very interesting news indeed, thanks Jack .

You’re welcome texasmr2.
I would also like to know why this dirty agreement wasn’t found out until five years later

Same reason it took a decade for the world to notice nobody'd actually had any money since about 1998. Bankers are smart.

In this case the bank was the victim. CVC and a dishonest employee were the criminals.

I should have been less specific. Investment Bankers and Investment Managers are smart.

[JackMaster]

Bayerische Landesbank isn’t an Investment Bank. It’s a Commercial Bank owned by the Free State of Bavaria in Germany.

[Hammer278]

[f1usa]

Perhaps there has been a misunderstanding, Gerhard had the $50M in a Charity Foundation in Austria. Back in 2001 with the sale of commercial rights FOM paid the FIA $313.7M. Max Mosley moved the money into a Motorsport Charity to ensure that it was not at risk if the FIA gets sued. The McLaren fine went to a FIA Charity and I'm sure nobody can forget the $80M per year Bernie donated to the Ferrari Foundation.

[JackMaster]

Perhaps there has been a misunderstanding, Gerhard had the $50M in a Charity Foundation in Austria. Back in 2001 with the sale of commercial rights FOM paid the FIA $313.7M. Max Mosley moved the money into a Motorsport Charity to ensure that it was not at risk if the FIA gets sued. The McLaren fine went to a FIA Charity and I'm sure nobody can forget the $80M per year Bernie donated to the Ferrari Foundation.

Perhaps, but there are a lot of companies and foundations moving the money here and there and I have to admit that I can’t truly believe in Bernie as a good and charitable person. Anyway, possibly time we show as more about this affair.

[Jensonb]

Bayerische Landesbank isn’t an Investment Bank. It’s a Commercial Bank owned by the Free State of Bavaria in Germany.

CVC, however, is a Capital Investment (Or private equity if you prefer) group