DECEMBER 21, 2011

Default judgment against Gribkowsky

Gerhard Gribkowsky, the German banker who allegedly received $44m in bribes from Bernie Ecclestone, has been handed a default judgment by a High Court judge in London.

Gerhard Gribkowsky, the German banker who allegedly received $44m in bribes from Bernie Ecclestone, has been handed a default judgment by a High Court judge in London.

As well as the German investigation into the business dealings of Gribkowsky, at which Ecclestone gave evidence before the Abu Dhabi GP, Gribkowsky is among those being sued by media group Constantantin Medien over what it alleges was an undervaluation of F1 when the commercial rights were sold to CVC Capital Partners in 2006.

The company is seeking damages that could amount to $175m and has also brought proceedings against Ecclestone, his lawyer

Stephen Mullens and Bambino Holdings, the Ecclestone family trust.

It is understood that the judgment against Gribkowsky was issued because he has not responded to the Constantin Medien writ while the other parties have lodged defences.

Ecclestone has always denied that the sport was undervalued when it was sold on to CVC after three German Banks ended up in possession of the rights after the collapse of EM TV.

In the Munich proceedings last month, Ecclestone did not deny making the multi-million payment to Gribkowsky. He said that while there had been no formal threat, he made the payments because of an implied one that Gribkowsky may make things difficult with Her Majesty's Revenue and Customs over Bambino Holdings, which Ecclestone is not permitted to control.

Mr Justice Vos said in court: "Isn't that a bribe"? The case continues.