BayernLB rejects Bernie Ecclestone’s settlement offer

German bank BayernLB has rejected a 25 million euros settlement from Bernie Ecclestone.

BayernLB claims he collected commissions, and undervalued its stake in the global motor racing business, which it sold in 2005.

This week a German court halted a bribery trial against Bernie Ecclestone, relating to the sale of Formula 1 rights, in exchange for a payment of $95 million.

The 83-year-old Formula 1 boss had been accused of funneling some $42 miliom to jailed BayernLB banker Gerhard Gribkowsky to ensure that a company he favored could buy a stake in F1.

Bernie Ecclestone had denied wrongdoing, and his payment was accepted by the district court in Munich.

He walked free and continues running the sport. It also meant Bernie Ecclestone was found neither guilty nor innocent.

Gerhard Gribkowsky was sentenced to eight and a half years in prison in 2012 for accepting bribes.

Bernie Ecclestone’s lawyers last week had offered to pay public-sector bank BayernLB 25 million euros, but also said that damage to the company was not evident.

The offer expired on Friday with the bank rejecting it, without giving reasons.

It has not said what its next move would be – it could either negotiate another sum or could launch civil proceedings against him.

In 2005 BayernLB sold its stake in Formula 1 to the private equity firm CVC, making it the largest stakeholder in the business.