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Top ICBC executive faces Deutsche Bank wrath

(Agencies) Updated: 2014-08-12 09:19

Top ICBC executive faces Deutsche Bank wrath

Top ICBC executive faces Deutsche Bank wrath
 ICBC reports 'stable' profits of 263b yuan

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 a filing with Hong Kong's Court of First Instance that was dated on Friday, Deutsche Bank said Zhang breached his contract by transferring $3.9 million to the bank account of a company called Harperskille Ltd. Deutsche Bank said it wants that sum, plus interest of more than $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 while at Deutsche Bank he had abided by all laws and regulations.

Zhang, whose Chinese name is Zhang Hongli, was Deutsche Bank's top China banker before joining the State-owned ICBC in March 2010.


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