F1 CEO Bernie Ecclestone could face 10-year sentence over Bribery chargesJune 26, 2012 by: Rituraj Mishra
We respect the highest position in an organization. Only because someone had put years of hardwork and time into getting there. Most of the time we are blessed with great leaders but many a times, the trust is broken.
F1 CEO, Bernie Ecclestone, has been charged with bribing former German banker, Gerhard Gribkowsky, for a favorable outcome when BayernLB (Bavarian state bank) sold its stake in F1 to CVC Capital Partners,in 2006.
The bribe is supposed to be somewhat about $44 million, which Bernie paid while he was a top executive at BayernLB. The purpose of the bribe was to stop Gribkowsky from revealing the details of the racing series internal financial information with British authorities. If it was revealed F1 would have had to pay a heart-stopping $3.1 billion in taxes.
What’s done cannot be undone, and if convicted, Bernie goes for a solid 10 years.