German bank rejects Bernie's offer

Saturday 09-August-2014 10:47

Bernie Ecclestone's legal woes may not be over after Munich-based bank BayernLB rejected his 25 million euro settlement offer.

Last week he avoided the possibility of a jail term in Germany when he paid $100 million for his bribery case to be dropped.

The case related to allegations that the Brit had bribed former banker Gerhard Gribkowsky to facilitate the sale of F1 to CVC in 2006.

The state prosecutor revealed that Ecclestone's advanced age, 83, as well as other circumstances supported the acceptance of a settlement.

However, his troubles may not be over.

On Friday, German bank BayernLB, who allege Ecclestone undervalued F1's worth in the sale of its shares to CVC, rejected his offer of a 25 million euro ($33 million) settlement.

The bank did not give a reason for rejecting the offer.

BayernLB have kept their options open and could launch civil proceedings against Ecclestone having threatened to do so earlier this year, claiming damages to the tune of $400 million.

© 2014 - 365 Media Group

Any reproduction, publication or redistribution of this material without the written agreement of 365 Media Group is strictly forbidden.