Transparency International Germany holds companies responsible

Fundamental reform of the Formula One Group overdue

The anti-corruption organisation Transparency International Germany has asked companies that are involved with Formula One in Germany – sponsors as well as team owners – to reconsider their commitment to Formula One. The call comes as a result of a reported admission by Gerhard Gribkowsky, a former chief risk officer at the state-owned German bank BayernLB, that he allegedly accepted US$44 million in bribes from Formula One chief Bernie Ecclestone. In 2006 Gribkowsky allegedly awarded the sale of the bank’s stake in Formula One to British investor CVC, Ecclestone’s preferred buyer according to media reports. Gribkowsky allegedly did not seriously consider alternative buyers.

Transparency International Germany Board Member Sylvia Schenk said, "The companies associated with Formula One are responsible if transparency and compliance with legal and ethical standards are not adequate. These companies cannot on the one hand introduce their own comprehensive compliance programmes, yet still support the seemingly dubious business practices of the Formula One Group and Mr Ecclestone on the other. An investigation and a fundamental reform of the Formula One Group are long overdue.”