The best-kept secrets of electric cars

#Bornelectric - Find out some of the best-kept secrets of battery-powered cars - Sponsored.

More missed races for Honda's Pedrosa?

Honda's Dani Pedrosa could be forced to sit out his third consecutive MotoGP - find out the prognosis for his injured arm...

Bernie sniffs at $400m bank claim

2012-10-26 06:55

BERNIE ECCLESTONE: German bank wants him to pay back $400-million.

Christian Kraemer and Alan Baldwin

GREATER NOIDA, India - German Landesbank BayernLB is seeking $400-million in damages from Formula 1 boss Bernie Ecclestone, who said he would fight in court if need be.

BayernLB said on Thursday it had approached Ecclestone's lawyers about damages over a deal in 2005 to sell its stake in F1.
Information from the trial earlier in 2012 of BayernLB's former chief risk officer Gerhard Gribkowsky has subsequently led the Munich-based lender to conclude it had sold its F1 stake on the cheap, a financial source said on Thursday.

NO OFFER TO SETTLE

Speaking at the hospitality suite at the F1 Grand Prix in India, Ecclestone said, "They asked our lawyers in Germany. They said could we have $400-million back? I did not respond. There is no point, is there?"

Ecclestone said he had not offered to settle. Asked whether he was prepared to go to court, he said: "Yeah, absolutely."

Gribkowsky, who admitted to taking bribes during the stake sale, was sentenced to eight and a half years in prison by a Munich court in June, 2012.

Stay with Wheels24 for the 2012 Indian F1 GP weekend.

NEXT ON WHEELS24X

Read Wheels24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining

Inside Wheels24

Hamilton challenges Nico to 'race him'

'Mercedes said maybe he was just comfortable second and I said, 'well that's the difference between us,' said Lewis Hamilton as his relationship with team mate Nico Rosberg deteriorates.

There are new stories on the homepage. Click here to see them.