Inter Owners Suning Fined €385M By Chinese Government, Italian Media Report

Inter Owners Suning Fined €385M By Chinese Government, Italian Media Report
June 11, 2021 13:15
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Inter’s owners Suning have suffered another financial blow in the form of a fine of approximately €385 for noncompliance with the terms of the Chinese Stock Exchange.

Today’s print edition of Rome-based newspaper Corriere dello Sport have reported that the Chinese company have received the fine from a Beijing court due to failing to comply with the terms of communication with the Chinese Stock Exchange.

This represents another setback for the Chinese company whose ownership of Inter has run into financial difficulties thanks to the COVID-19 pandemic.

There is talk that Suning will sell 5.59% of the company to a new fund in exchange for €385 million to guarantee liquidity when they pay the fine.

In this case, the Nerazzurri owners would hope to buy back the shares over the next ten months, at an interest rate of 3.85%.

In the meantime the appeal process has already been started by Suning and proceedings on the fine have been suspended for the time being.

It remains to be seen how this will affect Suning’s running of Inter if at all.

By Toni Weeler

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