Saturday October 27, 2012
BayernLB wants F1 boss to pay up US$400mil
GREATER NOIDA (India): German Landesbank BayernLB is seeking US$400mil in damages from Bernie Ecclestone, a move the Formula One motor racing chief said he would fight in court if need be.
BayernLB said on Thursday it had approached Ecclestone’s lawyers about seeking damages over a deal in 2005 to sell its stake in Formula One.
Information from the trial this summer of BayernLB’s former chief risk officer Gerhard Gribkowsky has subsequently led the Munich-based lender to conclude it had sold its Formula One stake on the cheap, a financial source said on Thursday.
Speaking at the hospitality suite at the F1 Grand Prix in India, Ecclestone said: “They asked our lawyers in Germany. They said could we have US$400mil back? I did not respond. There is no point, is there?”
Ecclestone said he has not offered to settle. Asked whether he was prepared to go to court, he said: “Yeah, absolutely.”
Gribkowsky, who admitted to taking bribes during the stake sale, was sentenced to eight and a half years in prison by a Munich court in June. — Reuters