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CVC reacts as banker is arrested

NEWS STORY
06/01/2011

CVC, the rights holder of Formula One has issued a statement in reaction to the news that a German banker, and former chairman of Formula One's holding company SLEC, has been arrested.

Gerhard Gribkowsky, former risk manager of the BayernLB bank who later became chairman of SLEC, was arrested yesterday amidst claims that he received $50m (32.2m) in "consultancy agreements".

Barbara Stockinger, spokeswoman for the prosecutors in Munich told Bloomberg that the charges related to a deal - overseen by Gribkowsky in 2006 - which saw the shares in Formula One owned by BayernLB sold without being properly evaluated. CVC Capital Partners was to subsequently buy BayernLB's stake in addition to Bernie Ecclestone's 25 percent stake in the sport.

"The stake had been sold without being properly evaluated,” said Stockinger. "According to the current findings, the suspect in turn received $50 million in payments disguised via two consultancy agreements."

Reacting to the news, CVC has issued a statement which reads: "CVC notes the press release from the Munich State Prosecutor's office relating to Bayerische Landesbank as reported in the media on 5 January 2011. CVC can confirm that it has no knowledge of these investigations, nor any circumstances surrounding them, and that we have had no contact with the relevant authorities, nor with Mr Gribkowsky regarding this matter. Furthermore CVC confirms that it has no knowledge of, nor any involvement in, any payment to Mr Gribkowsky or anyone connected with him in relation to CVC’s acquisition of Formula One."

Watch this space... this could be a biggie.

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