Formula 1 Banker Sentenced for Laundering Rs 1.3 Billion at Mauritius

Gerhard Gribkowsky, the German banker accused of having received bribes, kickbacks of nearly Rs 1.5 billion from the boss of Formula 1 through the Mauritian offshore, was eventually sentenced to eight and a half years in prison. He was found guilty by the court in Munich have claimed $ 41.4 million to Bernie Ecclestone following the sale of rights commeriaux of Formula 1 to a private firm in 2006.

Bernie Ecclestone has admitted having paid such a sum to the bank for not having a problem with the IRS. But he says, in his view, this is not corruption.

Gerhard Gribkowsky found himself at the center of the transaction, being then the bank official in charge of the sale. However, it is dropped in the sights of the German tax authorities puzzled by his sudden entrance of money on one of his trust in Austria.

The banker was also convicted of tax evasion by the Munich court. Called to the witness stand, Bernie Ecclestone said that if he had not paid that amount to the banker, it would have denounced the English treasury.

According to his confession, should it proceed to checkout, it should have paid at least two billion pounds. In an interview with British newspaper The Telegraph Friday, July 22, 2011, he had admitted the allegations and said he fired the equivalent of Rs 1.3 billion on behalf of the German banker in Mauritius.

It was early last year, Gerhard Gribkowsky was arrested. Close to the English billionaire, he led a regional bank in Bavaria, Bayerische Landesbank, better known as BayernLB. It was then suspected to have received commissions in the back part of the commercial rights of Formula 1.