‘Unreliable’ Ecclestone wins high court case

Mr Ecclestone was being sued by German media company Constantin Medien who claimed that he had entered into a “corrupt agreement” in order to control the sale of Formula One Group in 2005 causing the company to lose out.

Lawyers for Constantin Medien said Mr Ecclestone had entered into an agreement with Gerhard Gribkowsky, a “senior ranking official” at the German bank which was selling its stake in Formula One Group, and that payments totalling around £27m had been made to the banker at Mr Ecclestone’s behest.

Mr Ecclestone had said that he had made payments of £10m to Dr Gribkowsky because the banker had insinuated that he would create difficulties with tax authorities.

The court had previously heard that Mr Ecclestone favoured the Formula One Group being sold to private equity firm CVC, because the company would keep him on as chief executive.

‘No loss’

Constantin Medien argued that it had lost out financially in the $830m deal, which completed in 2006, because the sport had been undervalued.

Mr Justice Newey, the High Court judge presiding over the case, heard that Constantin Medien was seeking around £80m in damages. However, he ruled “no loss to Constantin has been shown”, and that this was “fatal to the case”.

‘Corrupt agreement’

But, Mr Justice Newey did unleash a volley of criticisms against Mr Ecclestone.

“Even … making allowances for the lapse of time and Mr Ecclestone’s age, I am afraid that I find it impossible to regard him as a reliable or truthful witness,” he said in a written ruling.

“The payments [to Dr Gribowsky] were a bribe. They were made because Mr Ecclestone had entered into a corrupt agreement with Dr Gribkowsky in May 2005.”

Mr Ecclestone is facing trial in Germany later this year after being accused of bribery – allegations that also centre on claims relating to Dr Gribkowsky.

The Formula One boss was not at Thursday’s hearing.