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GP Week : Issue 190
contract Monaco Singapore Abu Dhabi Austin 24/25/26 May 21 / 22 September 1 / 3 November 15/16/17 November AMBER LOUNGE THE ULTIMATE VIP GRAND PRIX EXPERIENCE 2013 CELEBRATING 10 YEARS VIP Parties Fashion Shows Dining Hospitality Live Acts BlackBook-210x282.indd 1 01/03/2013 17:52 F1 >>> nEWs GERMAN COURTS POSTPONE ECCLESTONE DECISION A decision on whether to try F1 commercial supremo Bernie ecclestone on bribery charges related to the sale of a stake in Formula One to private equity firm CVC Capital Partners will not be made until next year, a German court has said. The court in Munich is delaying its decision, originally expected in mid-september, as it waits to consider new submissions in the case that ecclestone’s lawyers intend to make. A change to the composition of the panel of judges presiding over the case was also a factor that contributed to the cour t’s delay. “T he defendants of the accused have announced further comprehensive submissions that should be waited for,” a statement from the court read. “Taking that into consideration as well as an imminent change of judge in the relevant chamber, a decision on opening the case cannot any longer be expected this year.” In July, German prosecutors presented ecclestone’s lawyers with the case against him, accusing the 82-year-old of paying former Bayern LB banker Gerhard Gribkowsky – who was handling the sale – $44 million to facilitate the sale of the stake to CVC. ecclestone has admitted to paying Gribkowsky, who is currently serving jail time after being convicted of tax evasion, bribery and a breach of fiduciary trust, but has denied it was a bribe. Instead, ecclestone says the payment was hush money intended to silence the banker who had threatened to tip British tax authorities off to the Formula One ringmaster’s complex financial affairs. The billionaire insists his books are all in order, but said he made the payment to avoid the hassle and expense of a multi-year tax probe. CVC Capital Partners – the largest shareholder in Formula One, with a 35 percent stake – have stood by ecclestone. When news of the indictment broke in July the firm said they would continue to monitor developments in the case, and that there was no immediate intention to remove ecclestone from the position of CeO. 9 GPWEEK.com // 9 GPWEEK.com // PARTNERS: