(theguardian.com)
Bayern LB the bank at the centre of the case involving Formula One commercial rights holder Bernie Ecclestone have refused a financial settlement of $33 million. Gerhard Gribkowski who was employed by the bank was jailed in 2012 for accepting a payment of $44 million from Mr Ecclestone ahead of the sale of Formula One CVC Capital partners in 2006.
Earlier this week Mr Ecclestone's bribery case in Germany ended after German prosecutors accepted a financial settlement of $100 million from businessman.
However speaking to the Reuters News agency on Friday a spokesman from the bank confirmed:
'Bayern LB has rejected Mr Ecclestone's settlement offer'.
It is unclear what the bank will do next however they not ruled out starting civil proceedings or coming to an agreement on a larger settlement from Mr Eccletone.
© Ben Johnston 2014
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