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Top China bank exec Lee Zhang sued by Deutsche Bank over fund transfer -filing
August 11, 2014 / 9:05 AM / 3 years ago

Top China bank exec Lee Zhang sued by Deutsche Bank over fund transfer -filing

HONG KONG, Aug 11 (Reuters) - Deutsche Bank AG is suing former employee Lee Zhang for $6.3 million over the transfer of funds to a bank account in Shenzhen in 2001, according to Hong Kong court documents.

Zhang is currently a senior executive at Industrial and Commercial Bank of China.

According to the filing with Hong Kong’s Court of First Instance which was dated Friday, Deutsche Bank said Zhang breached his contract by transferring $3.9 million to the bank account of a company named Harperskille Limited.

Deutsche Bank said it wants that sum, plus interest of over $2.3 million. The court documents did not give further details and it was not immediately clear how Zhang breached his contract.

Deutsche Bank and ICBC declined to comment. Zhang could not be reached for comment. In a statement to Chinese business publication Caixin on Sunday, Zhang said that his behaviour while at Deutsche Bank had abided by all laws and regulations.

Zhang, whose Chinese name is Zhang Hongli, was Deutsche Bank’s top China banker before joining the Chinese state-owned ICBC in March 2010. (Reporting By Lawrence White, and Xiaowen Bi; Editing by Miral Fahmy)

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