German bank rejects Bernie's offer

[Dare]

Just when he thought he was out they pull him
back in

From Planet F1
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.

[Scott]

Can't blame them for wanting more, but I guess they should take it up with CVC, not Bernie.