Ecclestone named in Formula 1 sale's corruption case
|Wednesday, July 20th 2011, 11:54 GMT|
Formula 1 supremo Bernie Ecclestone has been named as an involved party in the corruption case involving a former banker during the sale of the Formula 1 back in 2006.
Bayerische Landesbank risk manager Gerhard Gribkowsky has been charged with corruption, embezzlement and tax evasion, and is accused of having accepted a $44 million bribe.
German prosecutors allege that Ecclestone received $41.4 million in commissions from the bank.
Gribkowsky was arrested on January this year over the allegations, which revolve around the sale of BayernLB's stake in Formula 1 to current commercial right owners CVC Capital Partners.
Ecclestone had been questioned by a German state prosecutor back in April and said he had done nothing wrong.
"I am confident that when the full facts have been established, I will be exonerated of blame for any wrongdoing," said Ecclestone in April.