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F1 bribery trial opens in Germany

Gerhard Gribkowsky, a former bank executive who is on trial accused of taking bribes from Formula One boss Bernie Ecclestone(AP)

24 October 2011

A former German bank executive has gone on trial charged with taking bribes from Formula One boss Bernie Ecclestone.

The allegations are in connection with the 2006 sale of BayernLB's stake in the racing series.

Gerhard Gribkowsky, a former management board member at public-sector bank BayernLB faces charges of personally taking 44 million dollars in payments from Mr Ecclestone.

Prosecutors in Munich said Gribkowsky sold the stake without updating its valuation in return for bribes disguised as consulting contracts.

He faces up to 10 years in prison if convicted.

Mr Ecclestone has not been charged in the case. He has said he is confident he will be cleared of any wrongdoing.

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