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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/01/banker-held-in-32m-f1-bribe-probe.jpg"><img class="alignnone size-full" title="A former bank executive has been arrested in Germany over an alleged bribe related to Formula One" src="http://londonglossy.com/wp-content/uploads/2011/01/min-banker-held-in-32m-f1-bribe-probe.jpg" alt="A former bank executive has been arrested in Germany over an alleged bribe related to Formula One"/></a></p>
<p>A former bank executive has been arrested in Germany for allegedly accepting a 50 million dollar (£32 million) bribe in the 2006 sale of a stake in the company which holds the rights to Formula One.</p>
<p>Prosecutors in Munich said in a statement the former risk manager of regional public-sector bank BayernLB was taken into custody on charges of corruption and tax fraud.</p>
<p>Gerhard Gribkowsky was in charge of managing the sale of the bank&#8217;s F1 stake.</p>
<p>But prosecutors say he led the bank to sell it to CVC Capital Investment &#8220;without evaluation of its current value&#8221; which, in turn, earned him &#8220;two consultancy contracts totalling 50 million dollars&#8221; that were paid to accounts in Austria.</p>
<p>The statement alleged Gribkowsky failed to pay taxes on the additional income.</p>
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