Audi A3 2014 World Car of Year

The Audi A3 is crowned World Car of the Year. This is the second award in this category after the A6 won it in 2005.

New Mini Paceman: Nipped, more power

Mini has given its Paceman - it claims to be the world's first 'sports activity coupe' a bit of a funky makeover.

Bernie sniffs at $400m bank claim

2012-10-26 06:55

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

Author: 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

'Early mistakes' could cost Schumi

A German magazine claims that paramedics misdiagnosed the seriousness of Michael Schumacher's head injuries and that they may have affected his hopes of recovery.

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