Chinese bank Chinese Construction Bank (Asia) Corporate (CCBA) is looking to go after the assets of Inter President Steven Zhang in Hong Kong.
This according to today’s print edition of Milan-based business newspaper Milano Finanza, via FCInterNews, who report that the bank is looking into the Nerazzurri President’s assets in Italy as part of a lawsuit over unpaid debts filed in a Hong Kong court.
Whilst Inter’s financial problems off the pitch are well-known, there are also the issues of owners Suning and President Zhang separate from the Nerazzurri’s, which have been mounting especially since the start of the pandemic.
As Milan-based outlet Milano Finanza highlights, the Nerazzurri President has been the subject of a lawsuit from the CCBA who are aiming to collect on unpaid debts related to business dealings in China.
The bank are seeking to collect on around €300 million in unpaid debts from Zhang, and allege in their suit that the Nerazzurri President has hidden assets in order to avoid paying the debts.
As part of the suit, CCBA have been looking into the Inter President’s assets in the US, and according to Milano Finanza, are starting to get serious about looking into his assets in Italy, particularly those related to the Nerazzurri.
As part of their search for assets on which to collect, the CCBA have been looking to obtain documents from US-based investment bank Goldman Sachs, related to their work with the Nerazzurri and Zhang searching for potential investors or buyers in the club.
Additionally, the bank have also loked to obtain documents from Oaktree Capital, the US-based fund from which Suning took on a massive loan in 2021 to inject operating liquidity into the Nerazzurri amid post-pandemic financial troubles.
The CCBA are also seeking to have the minutes of the Inter board of directors which resolved to withhold salary payments from Zhang annulled in a civil action in an Italian court, the hearing for which has been postponed to later this month.
