Ecclestone Offers $36 Million to Settle Bribery Case

Bernie Ecclestone, the Formula One chief,  has offered to pay $36 million as settlement for a corruption trial against him in Germany, according to the DPA news agency.

Ecclestone's defense lawyers made the offer in a Munich court where he is being tried for a bribery case.  Ecclestone, 83,  is charged with paying banker Gerhard Gribkowsky, BayernLB's former chief risk officer,  $44 million in 2006 and 2007 to avoid a takeover of his motor sports empire.

The prosecutors say that the bribe was to ensure that BayernLB sold its shares to Ecclestone's chosen buyer , CVC Capital Partners of Britain, who now have a majority stake in his company.

Gribkowsky was convicted in 2012 for accepting bribes and was sentenced to 8  and a half  years term in prison.

The court is open to the offer but  details of the agreement  need to be chalked out , Munich court spokeswoman Margarete Noetzel said in an e-mailed statement to Bloomberg.

Ecclestone's lawyers said that the case against their client was "highly dubious" and  said that the trial was proving detrimental to his health as was getting on in years, reports the Agence France Presse. They also emphasized that the sale deal in no way had proved detrimental to Bayern LB.

The offer is open till August, according to his lawyers, reports DPA.

Ecclestone, has pleaded not guilty to the charges and says that it was not a bribe but money paid due to blackmail, reports AFP.

If convicted he faces a maximum jail term of 10 years.