The Munich public prosecutor in Germany is currently investigating Gerhard Gribkowsky, formerly the Chief Risk Officer of BayernLB, a bank that is owned by the German state of Bavaria, which was involved between 2002 and 2005 in the world of Formula 1.
The story began in May 2000 when Bernie Ecclestone sold part of the Formula One group to Thomas Haffa’s EM.TV. This organisation ran into trouble a year later and the F1 stake was snapped up by media baron Leo Kirch, with loans from BayernLB and others. In 2002 Kirch in turn ran into trouble and after he declared bankruptcy, the banks claimed the Formula One shares, and appointed Gribkowsky as their representative. He became chairman of SLEC Holdings, the primary holding company of the Formula One group at the time. This was not always a comfortable business as there were legal actions over the control of the shares but by 2003 Gribkowsky was working closely with Ecclestone to fight off the threat of a GPWC breakaway series, that was being threatened by a grouping of manufacturers involved in F1. A deal was struck at the end of that year. Two years later the banks sold their shares to CVC Capital Partners and Gribkowsky disappeared from the F1 scene.
Bayern LB ran into trouble in 2007 when it bought 50% plus one share of Austria’s Hypo Alpe-Adria Bank for $2.2 billion. This turned out to be a disastrous move and a further $2.5 billion was poured into the Austrian business in an attempt to make it viable. In April 2008 Gribkowsky was fired as the bank reported $6.7 billion in writedowns resulting from the developing economic crisis and the Hypo Alpe-Adria purchase. Later that year the Bavarian state agreed to bail out the bank with $12.9 billion, plus guarantees for loans. BayernLB later sold Hypo Alpe-Adria for one Euro.
It is alleged that in 2007 Gribkowsky established the Sonnenschein Privatstiftung in Salzburg, Austria, with $50 million. This money appears to have arrived from tax havens in Mauritius and the Virgin Islands but as yet the investigators have failed to establish where the money came from. Gribkowsky did not declare it when he was questioned during the investigation into the Hypo Alpe Adria disaster.
Gribkowsky was questioned by investigators on December 29. The Bavarian Ministry of Finance has ordered BayernLB to conduct an internal audit.
joeblogsf1 
The first clue should have been when Gribkowsky said ‘nothing up my sleeve’.
Are you suggesting that Bernie paid him off to get a nice sweet deal for CVC…. erm, I mean did CVC pay him off… erm I mean I can read that you have not said anything of anything relating to any pay off or any contact or relation between Bernie, CVC and Gribkowsky at any point in time at all; aside from a fully disclosed and honest and lawfully transfer of commercial rights. I can only interpret that you placed Bernie, CVC, and F1 in this article to remind us that said man and bank were at one point involved in F1 and lost their chair once the music stopped. But hey whats $50 million when you lose $12.9 Billion?
Mad-elph,
I am suggesting nothing. These are the facts as best as we know at the moment.
I should have added a wink… in no way did I mean that seriously.
Apparently Gribkowsky has just been arrested. If he makes a deal with the authorities there might be some sweaty hands in certain places.
Joe, do you find it interesting that CVC have issued a press release?