Veja states the kidnappers have demanded the ransom be paid in pounds sterling and be divided into four bags of cash.
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Kidnappers snatched Aparecida Schunk, 67, the mother of Ecclestone’s Brazilian wife Fabiana Flosi, on Friday near her home in São Paulo.
Foreigners are flooding into the country for the Olympic Games, which start in just over a week.
Mr Ecclestone, 85, married Ms Flosi, a 38-year-old former vice-president of marketing at the Brazilian Grand…
Their marriage followed Ecclestone’s divorce from his then wife of 25 years, Croatian model Slavica Radic.
Police in Rio have not yet commented on the reports.
Kidnapping was common in Brazil a decade ago, with Sao Paulo seeing an abduction every 27 hours in 2002, but declined after police formed a special anti-kidnap division and cracked down.
In a Facebook post on Mother’s Day: “Happy Mother’s Day to all mothers, and especially mine”.
Mr Ecclestone, is the chief executive of Formula One Group and worth £2.4billion.
Back in 2012, a dental technician was found guilty of threatening to kidnap Bernie Ecclestone’s daughter and was sentenced to five years in prison.
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Martin Peckham, 41, he was a security expert who could foil a Middle Eastern plot to kidnap Tamara.
