F1 Head Steps Down As German Bribery Trial Looms

Law360, New York (January 16, 2014, 2:10 PM EST) -- Bernard Ecclestone on Thursday stepped down as director of the Formula One Group’s holding company after German prosecutors announced he will go to trial in April over allegations he bribed a German banker in the sale of Formula One to CVC Capital Partners Ltd. in 2005.

The criminal division of the Landgericht Munchen I charged Ecclestone with bribery and inciting another person to commit breach of trust, alleging the Formula One head paid former Bayern Landesbank Chief Risk Officer Gerhard Gribkowsky $45 million to ensure that...
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