JANUARY 7, 2003

Mystery Kirch dealings come to light

The financing of the Kirch Group has always been less than clear but the bankrupt business - which used to own 75% of the Formula One group - is back in the news this week following revelations that $122m were transferred by Credit Suisse to a Kirch subsidary looking after the F1 stake months after the group went bankrupt. The news was leaked to a German newspaper in the form of a fax revaling the payment. This seemed to indicate that the money was payment for a $120m loan which Credit Suisse agreed with Kirch in 2001 when he was trying to buy the Formula One group - a rather weird development given what subsequently happened.

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