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Bernie Ecclestone bribery trial begins in Germany Bernie Ecclestone bribery trial begins in Germany
(about 7 hours later)
Formula 1 boss Bernie Ecclestone is set to appear at the start of a trial on bribery charges in Munich.Formula 1 boss Bernie Ecclestone is set to appear at the start of a trial on bribery charges in Munich.
He is accused of giving a $45m (£27.5m; 33m euros) bribe to a German banker to secure the sale of a stake in the F1 business for a company he favoured.He is accused of giving a $45m (£27.5m; 33m euros) bribe to a German banker to secure the sale of a stake in the F1 business for a company he favoured.
Mr Ecclestone admits paying Gerhard Gribkowsky, who is serving a jail sentence for receiving the payment, but has denied any wrongdoing.Mr Ecclestone admits paying Gerhard Gribkowsky, who is serving a jail sentence for receiving the payment, but has denied any wrongdoing.
He continues to run the F1 business on a day-to-day basis despite the charges.He continues to run the F1 business on a day-to-day basis despite the charges.
To alleviate his workload, however, Mr Ecclestone has stood down from a number of F1-related positions until the case concludes.To alleviate his workload, however, Mr Ecclestone has stood down from a number of F1-related positions until the case concludes.
'Breach of trust''Breach of trust'
German prosecutors allege that he bribed Mr Gribkowsky, who was on the board of Bayern Landesbank, to ensure that F1 was sold to a private equity group of Mr Ecclestone's choice.German prosecutors allege that he bribed Mr Gribkowsky, who was on the board of Bayern Landesbank, to ensure that F1 was sold to a private equity group of Mr Ecclestone's choice.
The allegation is that by securing the sale of the stake to a company Mr Ecclestone favoured, he would remain in charge of Formula 1.The allegation is that by securing the sale of the stake to a company Mr Ecclestone favoured, he would remain in charge of Formula 1.
The payments were made between July 2006 and December 2007.The payments were made between July 2006 and December 2007.
He admits paying Gribkowsky, but says he was effectively the victim of blackmail. The 83-year-old Briton has said the banker had been threatening to reveal false details of his tax affairs.He admits paying Gribkowsky, but says he was effectively the victim of blackmail. The 83-year-old Briton has said the banker had been threatening to reveal false details of his tax affairs.
If convicted, he could face up to 10 years in jail.If convicted, he could face up to 10 years in jail.
Gerhard Gribkowsky has been found guilty of corruption, tax evasion and breach of trust and is serving an eight and a half year prison sentence.Gerhard Gribkowsky has been found guilty of corruption, tax evasion and breach of trust and is serving an eight and a half year prison sentence.
In February, Mr Ecclestone won a civil case in London's High Court brought by a German media company, which claimed it lost out financially when the share of F1 belonging to German bank Bayern Landesbank was sold in 2006 to private equity group CVC.In February, Mr Ecclestone won a civil case in London's High Court brought by a German media company, which claimed it lost out financially when the share of F1 belonging to German bank Bayern Landesbank was sold in 2006 to private equity group CVC.
While the judge rejected the 85m damages claim from Constantin Medien against the F1 boss, Mr Ecclestone was ordered to pay $4m in legal fees. While the judge rejected a damages claim from Constantin Medien against the F1 boss, Mr Ecclestone was ordered to pay $4m in legal fees.
The chief executive of Formula 1 has ruled the sport for almost four decades, turning it into a huge global commercial success.The chief executive of Formula 1 has ruled the sport for almost four decades, turning it into a huge global commercial success.
He is the long-time commercial rights holder of F1, but sold off a majority of the ownership in the 1990s.He is the long-time commercial rights holder of F1, but sold off a majority of the ownership in the 1990s.