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F1 boss explains payment to banker

Formula One boss Bernie Ecclestone told a court on Tuesday that a multi-million dollar payment to a jailed German banker was designed to buy the man's silence. Given detailed evidence for the first time in his bribery trial, Ecclestone repeated earlier statements that the payment to former BayernLB chief risk officer Gerhard Gribkowsky was an insurance policy after the German put him under pressure over his tax affairs. "I was a little sarcastic when I asked would 50 million help you?," Ecclestone said of a conversation with Gribkowsky. "It was the cheapest insurance policy I have ever seen," added the Briton, a billionaire who is a familiar face to millions of motor...
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