Zhang wins the trial against China Construction Bank, Inter also benefits

2024-11-15 10:35:00, Sport CNA

Zhang wins the trial against China Construction Bank, Inter also benefits

Steven Zhang

Inter and Steven Zhang can smile again.

After the tumultuous split in the summer, with Oaktree seizing the club, the Milan court has ruled in favor of the former Inter president in the battle against the creditors of China Constructin Bank Asia.

According to "Calcio e Finanza", in the legal battle with China Construction Bank Asia (CBBA), Lombard judges ruled in favor of Zhang and the club.

Zhang

The case, which began in 2022 over Zhang's outstanding $320 million loan to China Construction Bank, was submitted to the Milan Court of Appeal last March after China Construction Bank's appeal was accepted, deciding to recognize the decision of Hong Kong.

The decision, specifically, reported the indications to repay the debt of $255 million plus interest of $2.6 million by August 2, 2021 and then annual interest equal to 13% on the above $255 million from August 3, 2021 to the date of payment (about 30 million dollars per year).

The reason why China Construction Bank Asia wanted to recover the damages in Zhang's Italian assets started from the salary as president of the "Ziklatr" club, which the former number one of Inter never received.

According to the prosecution's estimates, his salary should have been equal to 914,000 euros per year. For this reason, China Construction Bank Asia had made a summons to the Court in July 2022 against Zhang himself and also against Inter for the annulment of the resolution by which the meeting of shareholders of the Italian club in 2019 approved the composition of the Board of Directors and approved the fact that Zhang had waived his compensation as president.

Specifically, in effect, the Court was asked to "declare the ineffectiveness" of the waiver of damages and the assembly resolution, while also seeking to "find, quantify and declare the amount of compensation" for Zhang.

The case led by judge Alima Zana has thus reached its end.

As reported by "Calcio e Finanza" from official documents, in particular, according to the Court, Inter's resolution cannot be attacked by China Construction Bank Asia since, in particular, "with this resolution the right to compensation has the option of being chosen by the President for not receive any compensation".

The judges acquitted Zhang by excluding the "fraudulent intent of the defendant debtor," who found himself in a context where the failure to receive compensation corresponded to the image of the President as a prestigious position in itself.

The Milan court finally rejected China Construction Bank's claims, also ordering it to reimburse legal costs of around 11,000 euros for each party, for Inter and Zhang./ CNA