Inter, Zhang chased by Chinese banks: ‘He gave up his salary as president to not pay his debts’ | A league

More problems for Steven Zhang. A group of Chinese banks, headed by China Construction Bank, asked for the cancellation of the Board resolution of February 18, 2019, in which Steven Zhang “preordained” waived his emoluments as president: “to maintain the status quo of having no property in order to prejudice the satisfaction of creditors, although he leads a more than comfortable life, driving luxurious vehicles, wearing high-quality watches and celebrating in exclusive venues ”. The reason? Banks are claiming $ 257 million from Zhang junior (just over 250 million euros, when the request was submitted) for loans and bonds not honored within the agreed terms. The hearing has been postponed from November 14th to March 8th 2023. WORTH ONE MILLION EURO – According to Republic on the basis of article 2901, first paragraph of the civil code, the Chinese banks are asking for “the declaration of ineffectiveness of the resolution of the Inter Board of Directors of February 18, 2019”. The thesis is that Steven Zhang’s renunciation of his remuneration as president should be canceled because he “undermines the credit claims of all his creditors.” Zhang would be a fictitious guarantor precisely because he decided to give up his salary while “Due to the presumption of onerousness of the mandate” the office of director must absolutely be paid. The role determines in fact “the onset of the right to remuneration: the same statute of the FC Internazionale company, in article 10.8, does not provide for the assignment free of charge”. In support of the argument that being president of a Serie A club for free is a stretch and that in the specific case it has made “impossible or in any case significantly problematic and certainly more difficult” the collection of credit from Chinese banks, relies on the expertise entrusted to an accountant and auditor. Who estimates the plausible salary for a Serie A president at 914 thousand euros a year, based on the similarities with the presidents of the boards of Milan, Juventus and Lazio.

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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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