F1 Boss Bernie Ecclestone Pays 100 million Dollars to End Bribery Trial

August 5, 2014

F1 supremo Bernie Ecclestone is sighing with relief after his case against alleged bribery was dropped after he agreed to pay the German prosecutors $US100 million.

After being accused of paying a bribe to a former banker, F1 chief Ecclestone has been on trial in Germany since April.

The 83-year-old Ecclestone denies wrongdoing and says Gerhard Gribkowsky, who was in charge of selling German bank BayernLB’s 47 per cent stake in F1 in 2005, blackmailed him.

However, state prosecutors in Munich have agreed to end the trial after the 83-year-old Ecclestone offered to pay a settlement worth 100 million dollars.

The deal is believed to be the biggest of its kind in German legal history.

Ecclestone’s personal personal wealth is put at $4.2bn by Forbes, which ranks him as the 12th richest UK billionaire.

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