Bernie Ecclestone Bribery Case Remains Undecided

Posted: Jun 23 2014, 5:52am CDT | by , Updated: Jun 23 2014, 6:08am CDT , in Latest Celebrity News


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Bernie Ecclestone Bribery Case Remains Undecided
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The bribery case involving Bernie Ecclestone remains undecided.

The fact that Bernie Ecclestone paid a bribe to siphon off sales of Formula One about a decade ago is being questioned today. It seems things are not always the way them seem at first glance.

Bernie is currently facing charges of bribery in Germany. However, there lie serious obstacles in the way of indicting him. Bernie Ecclestone clearly confessed that he paid a certain amount to Gerhard Gribkowsky.

Gribkowsky worked for a bank. And that bank owned 47.2% of the F1 Company. Bernie however says that Gribkowsky was threatening to reveal his tax affairs unless he paid the required amount of cash. And Gribkowsky never had the ability to influence the sale of F1 assets.

So that leads us back to square one: why would Bernie Ecclestone resort to bribery? The major decisions were taken by many BayernLB board members and so maybe Bernie had nothing to do with it.

According to Forbes, “BayernLB was paid $814 million for its stake which valued F1 at $2 billion and was double CVC’s initial offer. The indictment reveals that Mr Ecclestone knew Mr Gribkowsky could not get the BayernLB board to accept the lower offer.”

“The Accused knew that BayernLB was not ready to sell its shares for offers of between $400m and $500m, so the resulting sale price from an enterprise value of $1bn (as CVC brought into play) would not meet the expectations of the bank. The Accused knew that a sale at this price would fall through since he reckoned that even Dr Gribkowsky could not negotiate this price with BayernLB.”

“BayernLB did not agree to offers in the order of between $400m and $500m which were made between April and July 2005.” And Mr Ecclestone was aware of this.

According to the indictment, “Mr Ecclestone encouraged CVC to pay more as he reckoned from the start that BayernLB would not turn down an offer based on an enterprise value of $2bn for 100% of SLEC and the proportionate sale price derived from it for BayernLB’s shares.”

The internal politics of the various forms of wheeling and dealing that went on between the F1 Company and the bank as well as the two (Ecclestone and Gribkowsky) is something that will always remain an inside job.

It will take time to unearth all the hanky-panky and shady behavior that went into the myriad business transactions. The stuff that took place went into the billions and sometimes the millions.

It is not as if Mr. Ecclestone is 100% innocent. He has his share of the burden of guilt. But neither is he a complete accomplice. He played his part yet it was a minor part although it got overblown into a major one.

Meanwhile, his youngest daughter Tamara recently had a big blue Father’s Day gift box delivered to Bernie. She had her baby daughter, Sophia, with her as she shopped for his gift.

During the lavish Father's Day celebrations in central London's Arts Club, located on Dover Street in Mayfair, Bernie Ecclestone received a very special gift from Tamara .

Bernie was very happy to receive that big blue and white gift-wrapped box. And his other daughter, Petra, also came at the private members' club to see her dad on Father's Day.

According to DailyMail, "Bernie wore his trademark suit with a white, open-necked shirt. Hilariously, he carried Tamara's pink handbag to lighten the load - which looked out of sync with his image."

It seems that Bernie Ecclestone's children still love him with the intensity of any offspring for their parents. Even if he is being indicted in a case, that makes no difference to Tamara or his other daughter, Petra both of whom absolutely adore him. For them he remains daddy dearest.

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<a href="/latest_stories/all/all/20" rel="author">Sumayah Aamir</a>
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