What is the part in question made of? In the photo it looks to me like a rubber o-ring. Is it actually broken in three parts, or is it pinched? Is the chewed up stuff the same material as the ring? Judging from the dime in the photo, we are looking at something that is about 20mm in diameter.
Looking at the parts fiches for the K75 engine, there is nothing like what you found used in that part of the engine(timing chain and valve train). There appears to be some sort of plug and what may be an o-ring used in the center of the timing chain cover, but there is no information on them in the parts lists that I have access to.
I am thinking that what you have are the remains of some o-rings that somehow got into one of the covers, got stuck to some oil and were not noticed when the covers were reinstalled. Being soft rubber, they were just chewed up without causing any internal damage and found a resting place out of the way of the moving parts.