One of China’s biggest state-owned banks is squaring off against Steven Zhang, the scion of one of China’s biggest private retailers, the troubled Suning.com, over his alleged refusal to repay more than US$300 million he borrowed. The 32-year-old Zhang is president of Inter Milan.
China Construction Bank (Asia) Corporation (CCBA) alleges Zhang, the son of Zhang Jindong who founded the Shenzhen-listed Suning.com, is refusing to repay more than US$300 million which it owes the bank, and is seeking to have Steven Zhang found in contempt of a Hong Kong court for lies which he allegedly told the court.
CCBA is seeking to obtain information on the relations between Inter Milan and Zhang from major Western financial institutions like Goldman Sachs and Oaktree Capital Management. It has commenced legal proceedings in Italy and Hong Kong to collect what it is owed, and a debtor examination of Zhang is scheduled to take place in a Hong Kong court on March 13, said a memorandum filed in the US District Court for the Southern District of New York on January 19.
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