Banker arrested over F1 rights deal
Gerhard Gribkowsky was a regular in the paddock when BayernLB held a stake in F1 © Sutton Images
Gerhard Gribkowsky, the former chairman of Formula One's holding company SLEC, has been arrested.
Munich prosecutors are investigating the sale of shares in Formula One by German bank BayernLB while Gribkowsky was working as the risk manager. According to Bloomberg, a spokeswoman for the prosecutors said the stake had been sold without being proper evaluation in 2006. Gribkowsky was overseeing the deal, which resulted in current owners CVC Capital Partners buying BayernLB's stake in the sport.
The spokeswoman for the prosecutors added: "According to the current findings, the suspect in turn received $50 million in payments disguised via two consultancy agreements."
The prosecutors are investigating Gribkowksy on bribery, breach of trust and tax evasion allegations.
Credit: ESPN F1 (espn.com)
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