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.