Inter, seven Chinese banks take Zhang to court in Milan

Seven credit institutions, to which Zhang would be exposed for 250 million euros, have filed a petition to cancel the resolution of the club’s board of directors which does not provide any compensation for the Nerazzurri president. First hearing on March 8, 2023

It is certainly not a good time for Steven Zhang. But more than the opaque results of his Inter, what worries him is perhaps the request from seven Chinese banks that intend to repay the huge loans made and now want to see clearly about the assets of the Nerazzurri president.

The facts

Zhang, in addition to being president of Inter, is also president of Suning International, the international division of Suning Holdings Group. The story arises from the crisis that hit the Chinese giant Suning, which has major budget problems in China. At this point, the entrepreneur’s creditors – including China Construction Bank (Asia) Corporation Limited and 7 other major Chinese institutions that accuse an overdraft of 250 million euros between loans and a defaulting obligation – have decided to try to recover on the his Italian income deriving from his post as president of Inter.

Zhang, however, does not receive any emolument for the position of Nerazzurri number one, according to the resolution of the club’s board of directors dated 18 February 2019. But on 27 July the Chinese banks filed an application with the Milan Court to cancel the minutes of the club’s board of directors Milanese with which it is established that Zhang does not receive remuneration for the position. The thesis of the credit institutions, represented by the law firm D’Andrea & Partners, starts from the premise that the Inter statute does not provide for this hypothesis. The first hearing has already been set for 8 March 2023 in front of judge Alima Zama.

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About David Martin

David Martin is the lead editor for Spark Chronicles. David has been working as a freelance journalist.

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