A German court ruled today that Formula One tycoon Bernie Ecclestone can make a controversial USD 100-million payment to end his trial on bribery charges.
In a move that will likely see him stay at the helm of the lucrative sport, the 83-year-old Briton struck an accord with prosecutors on the record payment which then got the Munich tribunal's blessing.
"The proceedings will be temporarily suspended with the agreement of the prosecution and the accused," pending payment within one week, presiding judge Peter Noll said.
The USD 100-million (75-million-euro) accord is believed to be the largest of its kind in German criminal justice history.
Ecclestone,a diminutive businessman who has kept firm control over F1, has a fortune estimated at USD 4.2 billion, according to Forbes magazine, making him one of the richest 400 people in the world.
Noll said USD 99 million of Ecclestone's payment would go to the Bavarian state coffers while USD 1 million would be donated to a child hospice foundation.
Ecclestone went on trial in the southern city of Munich in April on charges of paying a USD 44-million bribe to a Bavarian state bank executive for help in maintaining his four-decade grip on Formula One.
A settlement is allowed in German criminal cases if the prosecution, the aggrieved parties and the court agree, but the Ecclestone deal has stoked fierce criticism.
The judges based their decision on a determination that a conviction was "not particularly likely" given the evidence presented.
The court added in a statement that Ecclestone's "advanced age, health condition, the significant burden of taking part in hearings in a foreign country and the subsequent language barrier as well as the public attention directed at him" were also factors in the decision.
Under the terms of the agreement, Ecclestone will not have a criminal record and should be able to retain his control of the multi-billion-dollar Formula One empire.
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The mop-topped magnate arrived at the courthouse Tuesday in a limousine, looking relaxed and accompanied by his much younger Brazilian wife, Fabiana Flosi.
His lawyers welcomed the agreement and hit out at accusations that he had orchestrated a "buying out" of German justice.
"This abandonment of the proceedings indicates that (based) on an unbiased, objective and independent assessment of the main proceedings after more than 100 hours of evidence" before the court, they said in a statement, "a conviction of Mr Ecclestone could not be expected with any likelihood".
