F1 boss ends bribery trial with $125m payment
A German court ruled on Tuesday that Formula One tycoon Bernie Ecclestone can make a controversial 75 million euro (S$125 million) payment to end his trial on bribery charges.
In a move that will likely see him stay at the helm of the lucrative sport, the 83-year-old Briton struck an accord with prosecutors on the record payment which then got the Munich tribunal’s blessing.
“The proceedings will be temporarily suspended with the agreement of the prosecution and the accused,” pending payment within one week, presiding judge Peter Noll said.
The 75 million-euro accord is believed to be the largest of its kind in German criminal justice history.
Mr Ecclestone, a diminutive businessman who has kept firm control over F1, has a fortune estimated at US$4.2 billion (S$5.2 billion), according to Forbes magazine, making him one of the richest 400 people in the world.
Judge Noll said $99 million of Mr Ecclestone’s payment would go to the Bavarian state coffers while US$1 million would be donated to a child hospice foundation.