By Christian Sylt, and Caroline Reid8:00AM BST 31 Jul 2011
Earlier this year F1 teams voiced concerns that the new bribery rules might drive brands away from the sport
Bernie Ecclestone has created an ethics committee and introduced anti-bribery rules to comply with new UK corruption laws and calm the storm of bribery allegations engulfing Formula 1.
It follows the arrest in January of the sport's former chairman Gerhard Gribkowsky, who has been charged with receiving £27m for allegedly undervaluing F1 when it was sold to current owner private equity firm CVC, in 2006.
Last week, F1 boss and rightsholder Mr Ecclestone revealed that he paid the money after Gribkowsky threatened to make unfounded allegations to UK tax authorities about his relationship with his offshore family trust. Some of CVC's investors are reportedly worried by the private equity firm's lack of communication about the investigation into Gribkowsky.
Under the new rules, Gribkowsky could have been dismissed for making such a threat and the UK's new Bribery Act carries a maximum jail sentence of 10 years.
Earlier this year F1 teams voiced concerns that the new bribery rules might drive brands away from the sport since they could become concerned about the consequences of offering their clients the hospitality passes which come with sponsorship deals. However, F1's new code, from July 1, clarifies that "offering or accepting invitations to lunches, dinners or, say, a sporting event is generally appropriate if the purpose is a bona fide business discussion or interaction or to foster better business relations".
Credit: The Telegraph (www.telegraph.co.uk)
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