$44 million seems like alot of hush money to me. Ecclestone admits paying off banker ESPNF1 Staff November 10, 2011 Bernie Ecclestone told a German court he stood to lose "in excess of £2 billion" if he was found to be misusing the tax-free family trust he set up for his ex-wife and daughters. Speaking on his first day of evidence during the prosecution for corruption and tax evasion of banker Gerhard Gribkowsky by the German authorities, Ecclestone told the Munich court that payments of around $44 million were not bribes but were made to prevent Gribkowsky making vindictive claims to HM Revenue & Customs. "Basically he [Gribkowsky] wanted some money to set up in business and my fear was, maybe he would do something, and I could keep him quiet and peaceful and friendly and not do silly things," Ecclestone admitted. He said the risk was that if HM Revenue & Customs demanded tax on a trust he had set up to protect his wife's inheritance from UK tax he would lose more than £2 billion. "I didn't know how they could have proved anything," he continued. "The fear was that they could have assessed me and it would have taken an awful long time of my life when I was completely in the right. Revenue would have assessed me as if I was controlling the trust and I would have had the burden to prove I was not involved." Asked if Gribkowsky had made any direct threats, Ecclestone said he had not, but he explained: "It was like in those gangster films where they say 'I've seen your children go to school. I've seen them leave every day at 9.00am' and you know, unless you're really stupid, that they are serious. I thought maybe I could keep him [Gribkowsky] quiet by paying; stop him doing silly things." Ecclestone paid about $23 million to Gribkowsky and the trust around $21 million. He will face another day of questioning on Thursday. The case is expected to continue into the New Year.
Bernie must have made something bad to allow for a bribe.... sorry contribution "to set up in business." He does not strike the as the type who simply gives away money.
He is surely going to be investigated by the tax authorities in the UK from what the UK press is putting out. Could this actually be the end of Bernie in F1? Wouldnt surprise me at all.
Well yes, hard to believe Bernie would set himself up so easily, interesting to see how this will play out though.
Maybe good ol' Bernie just went a little too far on this one. In any case some younger, new blood would not hurt F1 management (if CVC permits).
Bernie makes too much money for too many people to be allowed to pass. The F1 version of "Weekend at Bernie's"?
