FORMULA 1 SUPREMO Bernie Ecclestone has admitted to paying £27million to an executive of a German state-owned bank.
Ecclestone was called as a witness in a trial against Gerhard Gribkowsky, an ex-chief risk officer of BayernLB.
The Guardian reports that he admitted to authorising the payment, but claimed he was blackmailed by Gribkowsky, and feared the German would falsely tell Inland Revenue that he was in charge of Bambino, a family trust – an accusation that could have led to a tax investigation.
Ecclestone explained the situation as follows:
“I don’t control the trust, but if the Revenue had investigated, the burden of proof would have been on me to prove I wasn’t.”
In relation to the payment £27million payment, Ecclestone added:
“I thought it might keep him quiet and peaceful and friendly and stop him doing silly things.”
Gribkowsky, meanwhile, denies Ecclestone’s allegations of blackmail and claims the payments made to him were legitimate.
