German car manufacturer Mercedes could withdraw from Formula 1 because of the corruption scandal involving commercial rights manager of the Formula 1, British businessman Bernie Ecclestone, informs motorsport.com. Former banker Gerhard Gribkowsky was sentenced Wednesday to eight years and a half in prison because he received 44 million dollars bribe from the F1 commercial rights manager Bernie Ecclestone. After a year and a half preventive detention and eight months of trial, Gribkowsky admitted in court that he received money to convince the bank to accept the sale of 48 percent share of F1’s commercial rights to the British investment fund CVC Partners.
The banker received 44 million dollars through a consulting firm that he had set up in Austria. He also received an offer from Ecclestone to work as a consultant at Formula 1 if he helps the sale of shares by the German bank to CVC. Gribkowsky argued that Ecclestone would have threatened to transfer the shares of F1 to another company, so the shares owned BayernLB would lose their value.
BayernLB acquired the shares after the 2002 bankruptcy of the media group owned by Leo Kirch, who held the commercial rights of the Formula 1. The bank tried to sell shares at the best price to recover as much of the amount it credited the Kirch group. Wednesday’s ruling could put the Munich prosecutors in the footsteps of Ecclestone, who has appeared as a witness in this process. In November 2011, he admitted that he gave money to Gribkowsky, but not as a bribe, but because the banker would have blackmailed him with false revelations to the UK HMRC (tax office) on failing to pay income tax.
According to the economic newspaper Handelsblatt, the case was watched closely by Mercedes-Benz, which owns a team in Formula 1 and is also an engine supplier for other teams. Daimler has strict anti-corruption rules and according to them, it can not be involved in a competition affected by such a scandal. Daimler “does not tolerate unethical or corrupt practices of its employees or business partners”, says the group’s statute.
After eight rounds of the Formula 1 World Championship, Mercedes team, with two German drivers, Michael Schumacher and Nico Rosberg, is ranked 5th in the constructors’ championship.
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