Bernie Ecclestone Indicted for Bribery by German Prosecutors

German prosecutors have indicted Bernie Ecclestone on charges of alleged bribery related to the 2006 purchase of a 47% stake in Formula 1 from Bayern Landesbank. 

The charges against Ecclestone allege that he paid banker Gerhard Gribkowsky $44 million (£29 million) as a bride to favor CVC Capital Partners, which Ecclestone was representing in the sale, by undervaluing the shares in Formula 1. Ecclestone does not dispute paying Gribkowsky the money but claims that Gribkowsky was blackmailing him and threatened to reveal false information to UK tax authorities. 

Gribkowsky was sentenced to eight-and-a-half years in jail on June 27, 2012, for taking the payment from Ecclestone. The German prosecutors have been building their case against Ecclestone since then. 

"I have just spoken to my lawyers and they have received an indictment. It's being translated into English."

"We are defending it properly. It will be an interesting case. It's a pity it's happened," said Ecclestone

After Ecclestone responds to the charges, the court will decide whether to take it to trail, and the court case would start around mid-September. If convicted, Ecclestone could face jail time. 

Source: BBC