Former BayernLB banker, Mr Gerhard Gribkowsky, is standing trial in Munich on charges that he allegedly took a £27.5 million bribe from Formula One boss Mr Bernie Ecclestone to sell Formula One rights.

Mr Gribkowsky is accused of selling the stake without updating its valuation in return for bribes dressed up as consulting contracts.  

Mr Ecclestone has not been charged. Whilst he admits that money was paid he denies that it was a bribe. Mr Ecclestone suggests that the payments were given to prevent Mr Gribkowsky making false accusations of tax evasion which might have prompted an investigation by HMRC which would have cost him millions. Mr Ecclestone has said that he is confident that he will be exonerated.  

The trial is set to run until early next year. If convicted, Mr Gribkowsky could be sentenced to 10 years in prison.