A Milan court has confirmed the ruling of a Hong Kong tribunal that Inter Milan President Steven Zhang must pay creditors $255 million USD.
This according to today’s print edition of Rome-based newspaper Corriere dello Sport, via FCInter1908.
Since April of 2023, the Milan Court of Appeals has been deciding on whether or not there would be jurisdiction in Italy for a ruling in favour of creditors of Inter President Zhang.
The ruling concerns a case in the Hong Kong Tribunal.
The Chinese Construction Bank Asia (CCBA) Corporation is seeking unpaid debts from Inter’s President.
These debts do not relate to Inter in any direct way. Rather, they are from other business dealings that Zhang and Suning have been involved in.
The total amount that the Hong Kong Tribunal ordered Zhang to pay to CCBA is $255 million USD. This is the equivalent of right around €320 million.
Milan Court Upholds Hong Kong Ruling Inter President Steven Zhang Must Pay Creditors $255M USD
The Hong Kong Tribunal had already made its ruling that Zhang must pay the debts that CCBA are seeking.
However, the Inter President holds significant assets in Italy as well.
This is of course a function of the fact that Zhang is the President of the Nerazzurri.
And Suning, the parent company owned by the Zhang family, are presently owners and majority shareholders of Inter through a holding company.
The future of Suning at Inter is in some doubt.
This is due to the impending due date of a large loan that the Nerazzurri owners took on from US-based fund Oaktree Capital in 2021.
However, Suning are reportedly seeking to either extend that deadline, or refinance the debt.
In any event, the Milan Court of Appeals has ruled on the Hong Kong Tribunal verdict.
The Court has decided to uphold the ruling. Therefore, Zhang’s obligation to pay what he owes to the CCBA (including interest) stands in the Italian jurisdiction.
