BUSTED: Chief Risk Officer Allegedly Took A $50 Million Kickback And Hid It In An Austrian Bank Account

Gerhard Gribkowsky

Photo: Forumula 1

Former Chief Risk Officer of Germany’s state-owned bank Bayerische Landesbank has been arrested for allegedly accepting a $50 million kickback in the sale of the bank’s stake in the Formula One holding company, Bloomberg reports.Gerhard Gribkowsky was charged with corruption and tax fraud.¬†

He’d been overseeing the sale of the bank’s F1 stake back in 2006 when he allegedly took the bribe (in the form of two highly lucrative consultancy contracts), which resulted in the stake going to CVC Capital Investment “without evaluation of its current value.”

The reported illegal earnings allegedly ended up in an Austrian bank account, via Mauritius and the British Virgin Islands, which almost looks sketchier than the ~$25 million consultancy contracts.

Gribkowsky has also worked for Deutsche Bank, and finished work with BayernLB in 2008.

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