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Banker arrested on bribery charges (merged)


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#1 tifosi

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Posted 05 January 2011 - 17:42

"BERLIN (AP) - A former German bank executive has been arrested for allegedly accepting a $50 million kickback in the 2006 sale of a large stake in the Formula One's rights holding company, German prosecutors said Wednesday"


I don't know much about this but didn't see antything on it. Any insight from our Euro posters?

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#2 Risil

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Posted 05 January 2011 - 17:51

Joe Saward's been following this story.

Fifty million dollars appears from nowhere…

This one looks like it's worth keeping up with. Could be FOM's 'FIFA moment'.

Edited by Risil, 05 January 2011 - 17:52.


#3 WhiteBlue

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Posted 05 January 2011 - 17:54

http://joesaward.wor...owsky-arrested/

#4 Zoe

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Posted 05 January 2011 - 17:55

I haven't heard too much about that specifically (but then I'm still in holiday), but it is another (ex) manager of BayernLB, which has its own major row of scandals. Another case of incompetency and corruption just fits into the general picture.

Zoe

#5 jjcale

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Posted 05 January 2011 - 18:07

Dang!... the Germans have been really serious about cracking down on corruption recently.... wonder what else will come out re the whole EMTV, Kirch Media, CVC saga... could get really interesting.

#6 H2H

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Posted 05 January 2011 - 18:25

http://joesaward.wor...owsky-arrested/


This banker's affairs are also intertwined through a very close Ex-friend with the former Austrian finance minister and (ex?-)society darling Grasser, which is involved as his Ex-friend in many a suspecious row himself...

Tutto il monde e' paese, say the Italians. Certainly a lot of money has taken many strange and dark channels.

H2H

Edited by H2H, 05 January 2011 - 18:26.


#7 Disgrace

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Posted 05 January 2011 - 18:29

Such shock when I read this title. Such shock.

#8 Bonaventura

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Posted 05 January 2011 - 19:45

"BERLIN (AP) - A former German bank executive has been arrested for allegedly accepting a $50 million kickback in the 2006 sale of a large stake in the Formula One's rights holding company, German prosecutors said Wednesday"


I don't know much about this but didn't see antything on it. Any insight from our Euro posters?

http://www.motorspor...e_11010408.html

#9 Zoe

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Posted 05 January 2011 - 19:51

Such shock when I read this title. Such shock.


Yeah, who would have thunk that.... what a surprise.

Zoe (living in a banana republic)

#10 Villes Gilleneuve

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Posted 05 January 2011 - 20:19

Such shock when I read this title. Such shock.


Oh, he'll get his. After the $4T drain from the world economy at the hands of bankers since 2008, exactly 0 have gone to jail.

I'm sure he's get a fine for many thousands of dollars, which is what he currently spends a month on socks.

#11 Sakae

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Posted 05 January 2011 - 21:08

Audits and associated punitive measures for irregularities has to get attention of financial people, because if they got away with "murder" due to bad regulations, holes need to be closed. If they broke the law, they have to pay. German government is at least active in that area, and something good has to come up of it. (re: Island lessons in deregulation should be lessons for all).


Edited by ForeverF1, 05 January 2011 - 21:32.
Removed what is probably best debated in the PC. "BTW how is US/England reacting to the financial fiaco of past three (or so) years?"


#12 mariner

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Posted 07 January 2011 - 09:10

Funny that the only english language media that seems to be carrying this is in Australia.


http://www.smh.com.a...0106-19ggs.html

Is this an old story in Germany or has it only just broken?

If true ( as yet unproven) it wil not reflect well on CVC, I had to smile that CVC do not only refuse to comment on it they wil not even say who in CVC says " no comment!!

#13 Ross Stonefeld

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Posted 07 January 2011 - 09:35

You should try reading newspapers outside of Australia. British newspapers are reporting on it, Autosport.com have covered it, etc. And the CVC comment is meaningless, corporate press releases frequently don't have names on them when they are solely statements.

#14 Clatter

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Posted 07 January 2011 - 10:03

There is already a thread for it as well. http://forums.autosp...howtopic=140774

#15 Zoe

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Posted 07 January 2011 - 10:20

It has finally made the headlines here in Germany. According to the news, it is the biggest case of corruption in Germany ever. While I am not so sure that it is really the biggest one, it is just the latest in a long row of corruption cases in Germany; Flick, Brauchitsch, former chancellor Kohl, former minister Lambsdorff.... just to name a few.

Zoe

#16 Ross Stonefeld

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Posted 07 January 2011 - 10:27

Oh, he'll get his. After the $4T drain from the world economy at the hands of bankers since 2008, exactly 0 have gone to jail.

I'm sure he's get a fine for many thousands of dollars, which is what he currently spends a month on socks.


I'm guessing you don't have a mortgage, a credit card, or any kind of debt.

Still, this should be a fun thread. The ultimate combination of populist rage against banking and Bernie/CVC/FOM/etc/et al.

#17 The Ragged Edge

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Posted 07 January 2011 - 10:50

Cases like this are so simple. Who has the most to gain, from this dodgy banker selling the shares? Who sought the shares? How much were the shares undervalued? Is it less or more than the bankers consultancy fee? What is the bankers standing in his profession? Which company gave him the consultancy role? Is the company CVC or a subsidiary of CVC? Is a $50 million consultancy fee, the norm for a banker of his standing? IMO it's far from rocket science to work out if this deal was above board or bent. Alas I doubt he'll spend much time in open prison, if any at all. I should have been a banker. :cry:

#18 cheapracer

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Posted 07 January 2011 - 11:25

Yeah, who would have thunk that.... what a surprise.

Zoe (living in a banana republic)



Report is as boring as a biscuit recipe says Cheapy living in the country that invented "guanxi". http://en.wikipedia.org/wiki/Guanxi

The largest percentage of offenders in Chinese jails is Accountants and other white collar crime, no shit.

#19 jjcale

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Posted 07 January 2011 - 11:32

Report is as boring as a biscuit recipe says Cheapy living in the country that invented "guanxi". http://en.wikipedia.org/wiki/Guanxi

The largest percentage of offenders in Chinese jails is Accountants and other white collar crime, no shit.


GOOOOO China!!!

If people knew 10% of what goes on they would rise up with pitchforks.... even the ones who are glad to have facilities like mortgages and credit cards so that they can effectively become share-croppers for financial institutions for their entire lives.

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#20 JPW

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Posted 07 January 2011 - 11:46

Still, this should be a fun thread. The ultimate combination of populist rage against banking and Bernie/CVC/FOM/etc/et al.

Yep this should be good, the (faux) outrage will be omnipresent. :lol:

Also the combination banker - arrest - bribe - CVC - Bernie will within weeks result in new FACTS for the BBs, as all those words combined surely prove without a doubt that "Bernie bribed the German banker for 50 million to sell his bank's F1 rights to CVC".
You heard it here first  ;)


#21 WhiteBlue

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Posted 08 January 2011 - 18:54

f1-bernie-ecclestone-denies-paying-50m-bribe-to-banker

#22 Risil

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Posted 08 January 2011 - 18:59

Also the combination banker - arrest - bribe - CVC - Bernie will within weeks result in new FACTS for the BBs, as all those words combined surely prove without a doubt that "Bernie bribed the German banker for 50 million to sell his bank's F1 rights to CVC".
You heard it here first ;)


What's the legal status of this BB throwing around criminal allegations? I imagine it's not particularly sensible.

#23 jjcale

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Posted 08 January 2011 - 19:46

What's the legal status of this BB throwing around criminal allegations? I imagine it's not particularly sensible.


Its not clear that Ecclestone was involved with that transaction, anyway.... and other people who ran companies that owned/part owned the rights over the years have got themselves into serious legal trouble (on unrelated matters) so you dont even need to bring Ecclestone into to any speculation to find "a Bernie figure" to demonise.

Anyway, its better not so speculate in specific terms about things that may be illegal on someone else's website - if anyone wants to be so reckless they should publish the speculation on their own website (or check with the owner of the website first)... I have to confess that I've never read this BB's rules and there is probably something there that would be relevant too.. so also read the BB's rules for starters.

#24 WhiteBlue

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Posted 16 January 2011 - 01:01

German source "Der Spiegel".

According to the German report it was very simple for Griebkowski to actually bribe himself with CVC and Bernie Ecclestone having every opportunity to deny knowledge of the transaction. According to the magazine Bernie was interested to keep control over the F1 empire and all he needed for this was the assurance that Gribkowski would sell the shares only to a company that had Ecclestone's approval.

With an amazing coincidence of dates certain things happened at the same time. On 25th November 2005 Griebkowski's Austrian consulting company GGC was founded. It was the same day as the transaction of the F1 sale from Bayrische Landesbank to CVC. Another funny coincidence is the founding date of the company Bridge Holding which transferred the funds to Griebkowski's consulting firm GGC. It was the 21st February 2006. One day later Griebkowski was made single acting director of the Ecclestone company Petara. In his role as Petara director Griebkowski could sign any deal without signature by another person.

The German prosecutors think that Griebkowski was mainly made director of Petara to get access to the $50m which he could transfer to the Bridge Holding company without consent of any other person. That way Bernie Ecclestone or CVC would never even show up in any record of the transaction. It would be 100% deniable. Another suspicious fact is the absence of a record of Griebkowski's directorship from the reports of his employer, Bayrische Landesbank. Under normal circumstances honorable or payed jobs would be listed for Griebkowski so that all transfers of companies that employed him could be screened. The fact that this record was missing is indicative of the shady nature of the Petara business.

I would find it extremely unlikely that nobody gave a thought to some $50m missing from Petara's assets after Gribowski's directorship was terminated and the control went back to Ecclestone or CVC. We are not exactly talking pocket change here. CVC and Bernie can make statements that they have not been involved in the transaction but they must have known about it from the day when they found that $50m were missing. Since they never lost a word about the payments from Petara to Bridge Holdings one assumes that the transfer of funds was intended.

Edited by WhiteBlue, 16 January 2011 - 09:03.


#25 Buttoneer

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Posted 18 January 2011 - 13:03

As an interesting aside to this, it appears that Team Lotus is in the vanguard of complaints about this new anti-bribery UK legislation. They believe that the new rules will inhibit their ability to get UK based sponsors because companies will think twice about sponsoring teams for which a main return is corporate hospitality.

http://www.thisislon...rmula-1-team.do

http://www.thisislon...red-by-no-10.do

#26 Ross Stonefeld

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Posted 18 January 2011 - 13:24

You've got your URL and URL descriptions completely backwards.

#27 ForeverF1

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Posted 18 January 2011 - 13:36

You've got your URL and URL descriptions completely backwards.

Now corrected.

#28 Ross Stonefeld

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Posted 18 January 2011 - 13:46

No :p

It's giving you a truncated link which gives you the website's index.

#29 ForeverF1

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Posted 18 January 2011 - 14:03

No :p

It's giving you a truncated link which gives you the website's index.


http://www.thisislon...ture-charges.do

http://www.thisislon...rmula-1-team.do

Didn't take much searching. :well:

#30 Ross Stonefeld

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Posted 18 January 2011 - 14:06

I know how to get to them, but I was saving the other posters the trouble. And I can only edit my own posts.

#31 Buttoneer

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Posted 18 January 2011 - 14:14

Oh look how much trouble I've caused. Sorry gents.

#32 jjcale

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Posted 18 January 2011 - 18:47

As an interesting aside to this, it appears that Team Lotus is in the vanguard of complaints about this new anti-bribery UK legislation. They believe that the new rules will inhibit their ability to get UK based sponsors because companies will think twice about sponsoring teams for which a main return is corporate hospitality.

http://www.thisislon...rmula-1-team.do

http://www.thisislon...red-by-no-10.do



As much as this seems like bullshit

Team Lotus said supporters could take their money elsewhere amid fears the sport's corporate hospitality culture might fall foul of the Bribery Act.


Its actually a valid fear.

But then look at this ass-forwards way that laws get implemented by bureaucrats ... you couldnt make it up.

http://www.thisislon...e-informants.do

#33 WhiteBlue

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Posted 18 January 2011 - 19:46

As an interesting aside to this, it appears that Team Lotus is in the vanguard of complaints about this new anti-bribery UK legislation. They believe that the new rules will inhibit their ability to get UK based sponsors because companies will think twice about sponsoring teams for which a main return is corporate hospitality.

http://www.thisislon...rmula-1-team.do

http://www.thisislon...red-by-no-10.do

I'm wondering how this issue is connected to a case of suspected bribery of a banker employed by a state owned bank. The case is really about FOM supposedly bribing someone to the disadvantage of the Bavarian tax payer in order to hold on their powers. Supposedly $50m in cash have flown to accomplish that. The case has a totally different dimension to a $3,000 sponsorship package for a VIP paddock pass.

Edited by WhiteBlue, 18 January 2011 - 19:47.


#34 BRG

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Posted 18 January 2011 - 19:46

But then look at this ass-forwards way that laws get implemented by bureaucrats ... you couldnt make it up.

http://www.thisislon...e-informants.do

But you have made it up, so clearly you are wrong. Where in the article is there anything about 'bureaucrats' implementing laws? The UK is still a pretty free country and there is no law against telling people not to co-operate with the police (however much the police might not like it, and however anti-social it might be to seek to confound the forces of law and order)

#35 jjcale

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Posted 19 January 2011 - 12:02

But you have made it up, so clearly you are wrong. Where in the article is there anything about 'bureaucrats' implementing laws? The UK is still a pretty free country and there is no law against telling people not to co-operate with the police (however much the police might not like it, and however anti-social it might be to seek to confound the forces of law and order)


This isnt the board to tell you what I really think... except to say that your response gave me a chuckle ...and confirmed my original view.

All I will say for now is that someone needs consider that the pamphlets suddenly appeared shortly after a murder... a general pamphlet expressing anti-police views is one thing. Interfering with a murder investiation (which was obviously the aim of this pamphlet) is another.... I suspect that the real problem for the police was that they did not know for sure who was doing it... or they would have had a chat with them.

[/OT]

#36 AndreasF1

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Posted 22 January 2011 - 11:26

According to the Austrian news web site ORF Ecclestone has been suspected of racketeering by paying $50,000,000 to Bernhard Gribkowsky a former board memeber of FBLandesbank. Gribkowsky is currently in jail awaiting trial on the suspicion of tax evasion and embezzlement. Ecclestone is facing bribery charges by paying the sum to Gribkowsky into secret bank accounts in Mauritius and the Virgin Islands in order to secure the F1 rights from FBLandesbank.

http://orf.at/stories/2037824/



#37 Captain Tightpants

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Posted 22 January 2011 - 12:29

What exactly is rackettering? I've never gotten a straight definition ...

#38 Ross Stonefeld

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Posted 22 January 2011 - 12:31

Things like illegal lotteries, demanding payment for 'protection', mainly businesses that themselves are considered illegal. This is being accused of illegal practices within a legal business.

#39 Amphicar

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Posted 22 January 2011 - 13:07

What exactly is rackettering? I've never gotten a straight definition ...

Former IndyCar and IMSA driver John Paul Jr could tell you - he was sentenced to 5 years jail for it in 1986.

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#40 The Ragged Edge

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Posted 22 January 2011 - 13:18

Bernie is mega crooked. In cases like this, all you have to do is follow the money. If Bernies get convicted for this crime, it will finally shut up those fools who believe Bernie is a legitimate business man, with the ethics of mother Teresa. :lol:

#41 Captain Tightpants

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Posted 22 January 2011 - 13:51

Things like illegal lotteries, demanding payment for 'protection', mainly businesses that themselves are considered illegal.

So it's basically a synonym for extortion, but without the connotations of hardcore illegality.

Former IndyCar and IMSA driver John Paul Jr could tell you - he was sentenced to 5 years jail for it in 1986.

Gee, can you vague that up for me a bit?

#42 Ross Stonefeld

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Posted 22 January 2011 - 14:01

Dad was a drug importer/dealer. Paul Jr had various charges against him and refused to testify against dad. He went down on the racketeering charge and had the drug related ones waived, I think.

#43 Amphicar

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Posted 22 January 2011 - 14:23

Gee, can you vague that up for me a bit?

For a full definition of racketeering try this: http://legal-diction...om/Racketeering

For John Paul Jr's sorry story (and that of his much nastier father) try this: http://www.autoweek..../free/812319991

If you have the misfortune to meet John Paul Sr and he says he is going to kill you, ask him to shoot you. The FBI informant he shot in the head five times lived to tell the tale...and testified against him in court.

#44 Captain Tightpants

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Posted 22 January 2011 - 21:45

You know what?

I think I'll pass.

#45 WhiteBlue

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Posted 23 January 2011 - 07:30

For a reminder of what happened before this is a good English source.

The additional material from the German FTD publication is quickly told. Prosecutors found written evidence that the agreed amount of $50m was not payed completely and that Griebkowsky's lawyer complained to Bernie Ecclestone's London office in writing about that point. Griebkowsky also complained that the devaluation of the dollar resulted in a much reduced pay out in Euro compared to the 2005 rate and demanded compensation. This is simply further evidence against Ecclestone if this affair goes before a court in the UK or Germany.

I have previously opined that the construct of Griebkowsky bribing himself via his directorship of the Petara company will not protect Ecclestone from being accused of bribery. You do not hand over a company to a managing director with exclusive signing power and take it back some years later with $50m assets or cash missing without some serious questions being asked unless you have prior agreement that the money will go missing.

#46 jjcale

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Posted 23 January 2011 - 10:37

Wow... this is getting interesting... the environment has changed a lot over the past few years. Things that were not a serious problem a few years ago now are. That applies to both the UK and Germany though the Germans are much more serious about tackling corruption .... then again times are hard a few sacrificial lambs may need to be found and that applies much more to the UK than Germany.

#47 The Ragged Edge

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Posted 24 January 2011 - 15:51

Concrete evidence' in Ecclestone bribery claims"? If this claim is accurate, Bernie will be in trouble. The German authorities have traced the money. They know which fronts the money was placed in. They know where the money originated. A $50 million consultancy fee for a banker of his standing, with no previous consultancy history or business established is so outside the norm, it leaves little imagination what the payment was really for.

#48 femi

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Posted 24 January 2011 - 15:59

Concrete evidence' in Ecclestone bribery claims"? If this claim is accurate, Bernie will be in trouble. The German authorities have traced the money. They know which fronts the money was placed in. They know where the money originated. A $50 million consultancy fee for a banker of his standing, with no previous consultancy history or business established is so outside the norm, it leaves little imagination what the payment was really for.


I really don't give a rat's @ss if Bernie gets into trouble as long as it does in no way contaminate F1.

#49 jjcale

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Posted 24 January 2011 - 18:15

I really don't give a rat's @ss if Bernie gets into trouble as long as it does in no way contaminate F1.


Wouldnt want the sport's reputation for the highest standards of integrity sullied ... would we?

#50 ktsayshi

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Posted 24 January 2011 - 20:17

So it's basically a synonym for extortion, but without the connotations of hardcore illegality.


More like using a legitimate business as a front for illegal activity, which seems to be the nut of the case here.