CVC to monitor Ecclestone case

  • Last Updated: July 18 2013, 12:09 BST

CVC Capital Partners, the owners of Formula One, are monitoring the situation in the Bernie Ecclestone case after the Briton was indicted by German prosecutors for alleged bribery.

Ecclestone: Indicted in Germany
Ecclestone: Indicted in Germany

Ecclestone has been under investigation since German banker Gerhard Gribkowsky was convicted of taking an illegal payment from him worth US$44 million (£29million).

It is alleged the payment was in connection with the sale of a controlling stake in the sport to CVC in 2006.

Gribkowsky was jailed for eight-and-a-half years in June 2012, after being found guilty of breach of trust, tax evasion and receipt of corrupt payments.

Ecclestone, 82, has denied any wrongdoing and claimed he felt pressurised to pay Gribkowsky the sum, as he was concerned the banker would make false allegations against him to the Inland Revenue with regard to an offshore family trust known as Bambino Holdings.

"I am not guilty of anything except being got at," Ecclestone told The Times last month. "But if I get sent to jail, I will have to deal with it.

"I don't think I will like it very much. But you have to get on with things."

Even though Ecclestone has been charged, it does not necessarily mean he will face a trial.

Once Ecclestone provides a response to his indictment, the case will then be transferred to the courts where a judge will determine if the evidence warrants a trial.

A statement from CVC read: "The Board of Formula One Group (Delta Topco Limited) notes the following developments in Munich:

"Mr Ecclestone, CEO of Formula One Group has now received a bill of indictment, in English, from the Munich Regional Court.

"Mr Ecclestone has six weeks to provide a response to this bill of indictment, prior to a decision being made by the Court on opening proceedings.

"The Board will continue to monitor developments in this situation accordingly."


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