The German media firm and former shareholder in Formula
One claims that Ecclestone bribed Gribkwosky so that he deliberately
undervalued his bank BayernLB’s shares when selling them to CVC in 2005.
Constantin claims that this lower valuation meant it missed out on a hefty
commission.
Marshall spent much of the morning suggesting to Ecclestone that he was
desperate to hang on to control of Formula One in the early 2000s in the
face of a perceived “threat” from three banks which at that time
owned a shareholding in the sport.
BayernLB, Lehman Brothers and JP Morgan successfully took Ecclestone to court
in 2004 in an attempt to regain positions on the board.
At one stage Marshall asked Ecclestone if it was true that he did not like
democracy or anyone else having a say in the running of Formula One. “Yes,
it is my view,” Ecclestone replied. “And not just in F1.”
Pressed by Marshall on various statements he made at the time, Ecclestone
confessed that he did not read everything to which he put his name.
“I am more or less reliant on my lawyers or accountants because I don’t
have time to read everything,” Ecclestone said. “If I read everything
I sign I wouldn’t be able to do what I do on a day to day basis.”
Ecclestone also said that he could not remember all the meetings to which
Marshall referred. “I don’t remember everything that happened 3 days
ago.”