Chinese Bank sues Inter Milan chairman over refusal to repay debts

One of China’s biggest state-owned banks is reportedly suing Inter Milan chairman Steven Zhang over his alleged refusal to repay a debt of over $300 million. 

According to Asia Sentinel, China Construction Bank is alleging Zhang has refused to repay the money he borrowed from them.

They are planning to have the famous businessman found in contempt of a Hong Kong court for his false statements during the proceedings.

Zhang, who is the son of Chinese billionaire Zhang Jindong who founded the Suning Holdings Group, became the chairman of Inter in 2018, two years after Suning took over the Italian club. 

Under their ownership, the Nerazzurri lifted their first Serie A title in 11 years in 2021. They also finished second in the table last season, with just two points behind eventual winners AC Milan. 

However, the Italian club were hit by the COVID-19 pandemic, which forced them to borrow money from Oaktree Capital Management Group in 2021. 

Zhang has reportedly engaged financial advisers to explore a potential sale of the club. The potential proceeds may be used to repay the loan they borrowed from the American asset management firm. 

But the Chinese businessman publicly said last year that Inter was not for sale. 

According to Calcio e Finanza, the China Construction Bank is looking into the assets of Zhang as they strive to collect what it is owed. 

If he is found to have hidden assets, he could face a three-year prison sentence in China.