Adding to ever growing legal complications surrounding the insolvency of the Kirch Group, a fax has been leaked to a German newspaper which shows a $121.9million transfer from the Credit Suisse financial institution to the account of the F1 subsidiary (Formel Eins Beteiligungs) months after the group went into bankruptcy.
The fax, sent just before the Christmas period, indicated that the money was intended as payment for a $120m loan the bank gave Kirch in 2001 to enable it to acquire Formula One rights although it is uncertain what the arrangements were for repayment of the loan.
Neither Kirch nor Credit Suisse have commented on the revelations as yet.
New depths have been revealed to the murky financials of the bankrupt Kirch Group after reports cited evidence of suspicious transfers to the media giant's subsidiary that controls its stake in Formula One.
