18 Jul 2013

F1 boss indicted for alleged bribery

8:31 am on 18 July 2013

Formula One's boss Bernie Ecclestone has been indicted by German prosecutors for alleged bribery in connection with the sale of a stake in the global racing series.

Ecclestone has been under investigation since a German banker was convicted of taking an illegal payment from him worth $US44 million.

Ecclestone told the Munich state court he felt pressured into paying the cash in 2006 because he was worried that Gerhard Gribkowsky would report him to British tax authorities.

Gribkowsky had been in charge of managing the sale of a significant stake in Formula One.

Eccelstone told the court he deserved a commission for the sale, insisting he's done nothing illegal.

Gribkowsky was sentenced last year to 8 1/2 years in prison after being found guilty of corruption, tax evasion and breach of trust.