“Zhang comfortable life, propertyless status”

A group of banks sues the Zhang family for $ 257 million: hearing in March

On the day of the shareholders’ meeting of theInterin which the issue of the possible sale of the company will inevitably also be touched upon, one returns to the fore it causes filed by a group of Chinese banks, headed by China Construction Bank, in the Milan court against the Zhang family. According to what has been written by La Repubblica, the banks are complaining 257 million dollars (practically the same amount in euros) in unpaid loans and bonds: the hearing, initially scheduled for next November 14, has been postponed to March 8, 2023.

Among other things, the creditors are asking for the cancellation of the resolution of the Inter Board of Directors in which Steven Zhang had renounced his emoluments as president (914,000 euros according to the prosecutor’s expert) “to maintain the status quo of property owneralthough he leads a life more than comfortabledriving luxurious vehicles, wearing high-quality watches and celebrating in exclusive venues “.

If the group of banks wins the case against the Zhang family, the latter would have little profit margins even managing to sell Inter for 1.2 billion euros.

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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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