Bernie Ecclestone in court over sale of Formula One stakes

Bernie Ecclestone

Formula One supremo Bernie Ecclestone appeared at the High court over the sale of Formula One stakes and defended himself by saying he was not involved in any conspiracies.

Ecclestone is sued for $140m by Media Company Constantin Medien which accused him of entering a corrupt agreement to facilitate the sale of stakes to German banker Gerhard Gribkowsky.

Ecclestone defended himself and said that he made payments to Gribkowsky because of the banker’s threat that he would report Ecclestone for tax evasion. Ecclestone also managed to reduce the original claim of $171m to $140m after presenting an expert report on the stake’s valuation.

Meanwhile, Gribkowsky has a history of being jailed for eight-and-a-half years for tax evasion and receiving $44m as bribe. However, Ecclestone will have to be present in several weeks in London till the trail concludes.