According to a report in the German press, a banker became a multi-millionaire following his links to formula one’s commercial rights.<\/p>\n
Before the rights were sold to CVC Capital Partners some years ago, Bayerische Landesbank board member Dr Gerhard Gribkowsky was a regular in the F1 paddock as the sport’s carmakers threatened to split and race in a ‘breakaway’ series.<\/p>\n
At that time, BayernLB controlled the rights and Gribkowsky was reportedly instrumental in restoring that control to F1 chief executive Bernie Ecclestone after the sale to CVC.<\/p>\n
The Seddeutsche Zeitung newspaper speculates that as a ‘thankyou’ for supporting the now 80-year-old British billionaire, Gribkowsky may have been paid the handsome sum of US $50 million.<\/p>\n
The speculation has emerged due to Gribkowsky’s formation of a private charity foundation in Austria called Sonnenschein Privatstiftung, raising suspicions about how he made his fortune.<\/p>\n
German media reports said the Suddeutsche Zeitung confronted him about the source of the money but Gribkowsky gave “no plausible explanation”.<\/p>\n
The same reports refer to BayernLB’s purchase of 50 per cent of the Austrian bank Hypo Group Alpe Adria for 1.63 billion euros in 2007, and the subsequent re-sale for one euro and nationalisation to avoid a collapse.<\/p>\n
Gribkowsky was questioned by prosecutors about his involvement in the collapse in 2010, and also his personal financial situation.<\/p>\n
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