Bernie Ecclestone has completed his testimony in the trial of former banker Gerhard Gribkowsky on Thursday, in which he suggested he had been the victim of a "shakedown" by a man who had fallen in love with the F1 lifestyle.
Ecclestone was giving testimony in the ongoing trial of Gribkowsky, who has been accused of accepting a substantial 'bribe' in return for undervaluing the BayernLB bank's share in F1 back in 2006.On Wednesday, Ecclestone confirmed to the court that he had paid the money to the German banker, but insisted that the money was in order to safeguard against threats made by Gribkowsky.
The FOM chief alleges that the banker had threatened to make allegations over Ecclestone's tax status to the UK authorities.
And during his testimony on Thursday, Ecclestone admitted that he had been part of a 'subtle shakedown' by Gribkowsky, insisting that he had been the victim.
"I must confess I have been shaken down by other people but not quite as subtly as he did," Ecclestone told the court according to the Reuters news agency.
Asked why he had not simply reported Gribkowsky for the threats, he added: "That would have been a waste of time."
The payments to Gribkowsky totalled some $44 million, and prosecutors have accused the banker of accepting the payments for his assistance in undervaluing the stake in F1 being bought by current owners CVC Capital Partners.
But Ecclestone has always denied the claim, and went on during his Thursday testimony to suggest that Gribkowsky had fallen for the glamour of F1 during his time dealing with the sport.
"They fall in love with Formula One," He waxed lyrically, "He liked the lifestyle. He made it quite clear that he wants to leave the bank."
He added: "I have no idea what he wanted to become. I think he acted as he would [like to be Mister F1]."
Ecclestone's testimony is now over, with the Gribkowsky trial still ongoing in Munich, and the Briton cannot face prosecution having been given immunity for his testimony.
But he could still have separate charges leveled against him if he is found to have been part of any wrongdoing, and recently the UK HMRC suggested that they would be investigating his tax dealings.
Meanwhile, a report from the Daily Telegraph on Thursday confirmed that former F1 lawyer Stephen Mullens would give testimony at the trial next week.
Mullens will be seen as an important witness not only because of his connections in the sport at the time of the sale, but also because of his links to the Bambino family trust which is at the centre of Ecclestone's tax queries.
Should he be found to have a controlling interest in the offshore company, he may well be liable to pay a large tax bill in the UK.
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