Zhang (Inter), lawsuit with China Construction Bank: “He risks arrest” – Corriere.it

Inter fans are wondering about the future and how the club will be able to collect the 60 million requested by the owners now that it is official that they will lose next summer Milan Skriniar on a free transfer, but at the same time they also follow other financial affairs related to the family with participation Zhang who has controlled the Nerazzurri since 2018. In fact, the youngest president in Inter’s history is grappling with a tug of war with the China Construction Bank (Asia) Corporationamong the main Chinese state-owned banks, demanding the repayment of a loan worth more than 300 million dollars for which, last summer, Zhang allegedly contested the authenticity of the signatures (a subsequent calligraphic expertise, however, would have confirmed the authenticity of five initials out of six). The CCBA said it intends to apply to have Zhang convicted of contempt of court.

According to the documents analyzed by Calcio e Finanza, Zhang would even risk “up to three months in prison” in Hong Kong, where the administrative court would initially agree with the creditors. The documents show that the Nerazzurri number one will be questioned and asked if he has any debts, how much they amount and with what assets he intends to absolve them, but he will also have to “produce any book or document in his possession or power” on his assets and liabilities.

The portal Asia Sentinel argues that, in the face of Zhang’s refusal to return the 300 million, the bank is also investigating the relationship between the club and Zhang.

The lawsuit in New York

In addition to Italy and Hong Kong – where a statement from the Nerazzurri president is expected on 13 March – the bank has thus launched a lawsuit also in the United States.

He asked the New York court to also sue financial institutions such as Goldman Sachs and Oaktree Capital Management, which have financed Suning.

The Chinese bank, in the document reported by Asia Sentinelwrites that “Zhang’s social media accounts show the immense wealth at his disposal, including photographs of at least three luxury sports cars with a total value of more than $8 million, as well as luxury watches with a total value of nearly $1.5 million. Furthermore, Zhang allegedly conducted his financial affairs in such a way that few assets were held directly in his name, despite his ostentatious displays of wealth, in order to hinder his creditors.’ Which is why the China Construction Bank would have asked the American court to sue Goldman Sachs, Oaktree Capital Management and Bain Capital who may have information to reconstruct the financial ties between Inter, Steven Zhang and the Suning Group.

The lawsuit in Milan

Coming instead to the lawsuit in Milan, the creditors are asking for the resolution with which Inter gave the ok not to pay Zhang a salary as club president to be cancelled. The first hearing will be on March 8 before Judge Alina Zama. The bank could target Zhang’s assets in Italy, such as “debts owed to him by Inter or shareholdings in Inter”.