Banker on bribery charge

A FORMER bank executive has been arrested in Germany for allegedly accepting a €38 million bribe in the 2006 sale of a stake in the Formula One’s rights holding company.

Prosecutors said the former risk manager of regional public-sector bank BayernLB was taken into custody on charges of corruption and tax fraud.

Gerhard Gribkowsky was in charge of managing the sale of the bank’s F1 stake.

Prosecutors say he led the bank to sell it to CVC Capital Investment “without evaluation of its current value” which, in turn, earned him “two consultancy contracts totalling €38m” that were paid to accounts in Austria.