London, Nov 12(ANI): Formula One chief Bernie Ecclestone's evidence to a Munich court about alleged bribes paid on the 2006 sale of the motor sport has been called into question.
According to the Telegraph, the other party in a civil case Ecclestone is facing has described the billionaire's explanation for the 44 million dollars "bribe" he paid to German investment banker Gerhard Gribkowsky as "beggaring belief".
The statement came in response to Ecclestone describing how he was the victim of a "subtle shakedown" by Gribkowsky.
Ecclestone admits paying the money, but denies that it was a bribe.
He also claims that the investment banker had threatened to report him to the tax authorities if he did not pay the money.
However, lawyers for Constantin Medien called the evidence incredible.
"Constantin have listened to Ecclestone's evidence in Germany with increasing incredulity," said Keith Oliver, head of commercial fraud litigation at Peters and Peters.
"It truly beggars belief that Ecclestone could have entered into the bizarre arrangements he has described in his evidence to the Court in Munich. Constantin maintain that the F1 rights were sold at a gross undervalue - their losses are at least 171 million dollars - and the High Court proceedings in London for conspiracy to defraud ... will continue to be vigorously pursued," he added. (ANI)
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