Hong Kong’s South China Morning Post reported today that Inter president Steven Zhang has lost a court case against creditors and is now liable for €250m.
CalcioeFinanza details how the Nerazzurri president was sued by creditors last August in an attempt to recover the amount lent and a defaulted bond that had been guaranteed. Allegedly, he subsequently denied this, claiming falsehood and ignorance.
Zhang had guaranteed the refinancing of €250m in 2020, in a transaction concluded with China Construction Bank (Asia) Corporation Limited in favour of Great Matrix Ltd, a company wholly owned by Zhang himself.
During the proceedings, however, Zhang denied this transaction, claiming that the signatures on the refinancing guarantee documents were forged and that he had no knowledge of the refinancing.
High Court judge Hon. Anthony Chan rejected this claim and responded:
“There is no doubt that [Zhang] participated in the original financing of the project, for which he had given his personal guarantees. Viewed in this light, Zhang’s attempt to distance himself from the refinancing has little merit.”
The creditors can therefore claim the €250m owed by Zhang, plus interest and costs.
Zhang is still facing further issues as well; China Construction Bank has filed a civil suit in Milan, asking the local court to invalidate a February 2019 salary waiver for Zhang in his role as Inter president, which would help the creditors in their attempt to recover their assets.
Suning should just sell up inter and stop dragging us backward with their downfall. All I see from them is trying to use inter to pay up. #Suningout
Another owner wanting to pose, then reality catches up with them. It will be the same with the other foreign owners of Serie A. It is sad because the American owners have tried to invest and build new stadiums but have been blocked by red tape. None of them have gone bankrupt.
This is what happens when the management of a circus business takes charge of a football club. I hope LORD of SNOWBALL and pig BALLs will have something to comment on this one. Especially how Allegri is connected to this one.
LOL. More comments about Lord Allegri Patron Saint of Slowball than the article. I think he’s actually a Juve fan criticizing his own manager, so you all are dragging him wrongly.
@Villarusso, and yet it’s #ElliottOut, #PallottaOut, #FriedkinOut, #Brokebird, #AmericansOut, etc.
AC Milan was taken to the brink of bankruptcy under Chinese owners and now Inter are in dire financial crisis. Hard to sell when it’s common knowledge your desperate. No doubt he has had vultures with Low Ball offerings. No one is going to buy Inter at a worthy cost knowing this.
I didn’t know Lord was Inter fans, Like Vero, I got the feeling that he is a satirical Juve fan who just despise Allegri and his brand of football.
Anyway whoops, I hope Inter is not dragged into this. Otherwise it would be a while to see a competitive Inter again, unless they got sold to some sugar daddies lol.
please sell Inter asap and stop dragging us down along with you
He is a fan of neither. He’s just almost always bored, and he loves his keyboard.
Suning is the reason we’re missing out on Dybala and Bremer. Worst owners we could possibly have.
@Vero Rossonero Lord quote: “Genius move by Don Beppe once again and showing his former club how to hold out with regards to Skriniar. Looks like another defender has snubbed the 7/9 CL losers. Took think they had Mandragora who could have been used as a bargaining chip makes it even more hilarious. Just bring back Secco and the circus is complete.” Does this sound like a Juve fan too you?
@L.A. Nobody here cares about you or what you have to say anymore. Furthermore, you’ve become the most disliked figure in the FI communty so rapidly that it’s not even funny.
While you may think that the internet gives you anonymity and freedom from responsibility, it’s a reflection of who you are in real life. You can change and start doing something more productive with your life than being a troll. The kind of things you’re saying are also very very abhorrent and homophobic.
Trolling gets you nothing – it does nothing for your character or future prospects. You’re going down the path of evil without realizing it. Please just move on this.