Bank seeks $400 million payment from Ecclestone
25 October, 2012
Oct.25 (GMM) German bank BayernLB wants Formula One’s billionaire chief executive Bernie Ecclestone to repay US $400 million, the Suddeutsche Zeitung newspaper reported on Thursday.
The bank claims that is the amount it lost due to its sale of F1 shares some years ago to the sport’s current owner CVC, with the transaction having been subsequently called into question over the Gerhard Gribkowsky corruption scandal.
Suddeutsche said that BayernLB’s lawyers have sent a letter, detailing the extraordinary damages, to Ecclestone.
BayernLB claims that, with Gribkowsky allegedly bribed millions by Ecclestone and now providing information to authorities, the now-jailed banker vastly undervalued its F1 shares.
Subbed by AJN.
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You want $400 million?
You have to go through the big guy first.
@ Bec:
Some of these idiots forget what they have said from 1 second to the next more so when they see £
How could the shares be undervalued when Hong Kong conglomerate Hutchison Whampoa and private equity firm Clearbrook Capital, were not prepared to pay Bayern as much as CVC.
Bayern also stated in a report, “The sale of the F1 shares ‘decisively contributed to the positive result’.”
and …
Kurt Faltlhauser, head of Bayern’s administrative board said: “The price we were offered by CVC was surprisingly high and it came as a great relief.”
While Bayern’s management board member, Dieter Burgmer, added: “BayernLB’s management board regarded the net proceeds from the sale of the Formula One stake to CVC as very attractive.”