Banker linked to F1 arrested

A former German bank executive has been arrested for allegedly accepting a $50m (£32m) kickback in the 2006 sale of a large stake in the Formula One’s rights holding company, German prosecutors said yesterday. The former risk manager of regional public-sector bank BayernLB was taken into custody on charges of corruption, tax fraud and breach of trust toward his former employer, prosecutors in Munich said in a statement. Gerhard Gribkowsky was in charge of managing the sale of the bank’s F1 stake to London-based buyout group CVC Capital Investment.