Formula 1 companies ordered to disclose documents in Ecclestone litigation
The High Court has ordered a number of Formula 1 (F1) group companies and CVC Capital Partners Ltd to give disclosure of documents, notwithstanding that they are not parties to litigation in which the orders were made.
In Constantin Medien AG v Ecclestone and others ( EWHC 2674), the claimant, Constantin Medien AG claims that Bayerische Landesbank was induced by a bribe of $44m (£28m) (allegedly paid by Bernie Ecclestone and Bambino Holdings Ltd to Dr Gerhard Gribkowsky) to sell its 46.65 per cent shareholding in the Formula 1 group to CVC Capital for $828m (£520m), which is alleged to be an undervalue.
Dr Gribkowsky was allegedly the chief risk officer and a director in Bayerische at the time of the sale and responsible for matters relating to the sale of Bayerische’s shares in the F1 Group…
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This decision represents a welcome return to the ‘pay for what you use’ principle and strikes a fairer balance between different creditor and expense groups.
Winckworth Sherwood has provided a summary of the Trusts (Capital and Income) Act 2013.