British Billionaire and Formula One boss Bernie Ecclestone is on trial for bribery charges and he plans on settling the bribery allegations with a larger bride, err.. “payoff”.
Leave it to the ultra rich to use money to get away with anything!
If he is sentenced he will face jail time.
Munich newspaper Sueddeutsche Zeitung will report in its Saturday edition that the billionaire Ecclestone personally had negotiated a 00 million settlement with the state prosecutor on Friday.
Ecclestone, 83, went on trial in Munich in April over allegations he bribed a former German banker as part of the sale of a major stake in the motor sport business eight years ago.
“It is possible that there will be a settlement,” a spokeswoman for the district court told Reuters, adding the court had told witnesses due to appear in the trial next week that they need not come.
The Sueddeutsche Zeitung will report on Saturday that prosecutors had demanded 100 million euros but that was too high for Ecclestone. He negotiated himself with the prosecutor and agreed to a 00 million (74.5 million euros) settlement.
Lawyers for Ecclestone, who denies wrongdoing, said they had offered to pay German state-owned bank BayernLB 25 million euros (3.5 million) to help settle the case.
If convicted the British magnate could face up to 10 years in jail.
Under German law, a settlement payment to a party involved would not necessarily bring a criminal case to an end.
Ecclestone is accused of channelling 4 million to jailed BayernLB banker Gerhard Gribkowsky to smooth the sale of a major stake in the business by the bank to private equity fund CVC, which became the largest shareholder in Formula One in 2006.[SOURCE](http://www.reuters.com/article/2014/08/01/germany-ecclestone-trial-idUSL6N0Q73EB20140801)