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Banker fails to explain why F1 boss Ecclestone paid him millions

Published on May 10, 2014 12:55 AM

MUNICH (REUTERS) - A jailed German banker said on Friday he could not explain why Formula One boss Bernie Ecclestone made a multi-million dollar payment to him that is central to the prosecution case in the Briton's bribery trial.

Ecclestone is accused of bribing banker Gerhard Gribkowsky by channelling US$44 million (S$55 million) to him in return for smoothing the sale of a stake in Formula One held by bank BayernLB to the private equity firm CVC eight years ago.

The 83-year-old, who denies bribery charges, could face up to 10 years in prison if found guilty.

Gribkowsky, the former BayernLB chief risk officer, was jailed for 8-1/2 years in 2012 over the payments.

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