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Ecclestone will pay 100 million dollars to avoid lawsuit

The judge of the Munich Court, Peter Noll decided to accept the agreement proposed by the defense of the head of Formula One, Bernie Ecclestone and the prosecutor to dismiss the case for bribery against the British in exchange for the payment of 100 million dollars ( about 75 million euros).
The case dated back to 2006, when the BayernLB company owned about 50% of the Formula One shares after the bankruptcy of the German media group Kirch and commissioned its sale to the head of its risk department, the banker Gerhard Gribkowsky, who negotiated with Ecclestone the transaction.
According to the prosecution’s indictment, Ecclestone paid him around 32 million euros ($ 44 million) for that stake to end up in the hands of the British company CVC Capital Partners and thus avoid that someone outside could overshadow his leadership position in the business.
After the agreement on Tuesday, the British magnate must carry out the transfer of the 100 million dollars within a week, as stipulated by the German court.
Prior to the judge’s decision, the prosecutor Christian Weiss had also been in favor of the dismissal of the case in exchange for the payment of this millionaire sum.
For his part, Ecclestone’s lawyer, Sven Thomas, ruled out that the payment of this money was a deal with the courts and assured that the dismissal of cases is a current legal procedure in these cases.
It’s not a deal. It has nothing to do with buying freedom, ”Thomas pointed out.
The agreement will prevent Ecclestone, 83, from prolonging the corruption trial, which began last April, as well as maintaining his position of dominance in Formula One, a future that if he had been convicted would have been in question.

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