Germans seize Gribkowsky’s money

A Munich court has ordered that Gerhard Gribkowsky’s assets should be frozen. The German banker is in jail pending an investigation how he came to have € 31.4 million in bank accounts in Austria. The decision was based on the belief that the money is the result of an allegedly fictitious consulting contract, relating to the sale of the Formula One group. The court appears to have accepted the claim that the money is directly related to the sale of shares that BayernLB held in Formula 1. It is anticipated that a trial will now follow.

The Munich investigators are continuing their interviews with involved parties with the most recent people being grilled believed to including Bernie Ecclestone’s associates Sacha Woodward Hill and Stephen Mullins and CVC Capital Partners Donald Mackenzie. There is no suggestion that any of them has done anything untoward but the Bavarian want to know their sides of the story.