Another front has opened up amid Bernie Ecclestone’s legal woes, as it emerges the state Munich bank BayernLB plans to sue the embattled F1 chief executive.<\/p>\n
The 83-year-old Briton is already the subject of criminal proceedings in Germany, while the German media company Constantin pursues him for over $100 million in London’s high court.<\/p>\n
The cases all relate to Ecclestone’s alleged paying of a bribe to the now-jailed banker Gerhard Gribkowsky, as the sport’s commercial rights were sold to CVC some years ago.<\/p>\n
BayernLB, having originally held the allegedly undersold shares, is now the latest to file a lawsuit, with the bank confirming to DPA news agency its intention to go to the London high court, probably in January.<\/p>\n
The Reuters news agency said BayernLB will seek a staggering $400 million in damages.<\/p>\n
DPA quoted a bank spokesperson as saying: “It is true that BayernLB is working at high speed on a lawsuit against Mr Ecclestone.<\/p>\n
“We expected to submit it to the London high court in January.”<\/p>\n
However, Ecclestone’s hopes appear to have been boosted by the judge in the Constantin case, according to the leading F1 business journalist Christian Sylt.<\/p>\n
In the Guardian newspaper, he quoted Mr Justice Newey as saying: “I have to say I find the idea of a bribe being paid to get rid of the banks more plausible than the idea of a bribe being paid to undertake an arrangement under which shares were sold at an undervalue.”<\/p>\n
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