ICBC executive sued by ex-employer Deutsche Bank over US$4 million transfer
A top executive of the Industrial and Commercial Bank of China (ICBC) is being sued by his former employer over the transfer of US$3.9 million to an offshore company, a High Court writ shows.
A top executive of the Industrial and Commercial Bank of China (ICBC) is being sued by his former employer over the transfer of US$3.9 million to an offshore company, a High Court writ shows.
The lawsuit demands that Zhang Hongli, now senior executive vice-president of ICBC, pay Deutsche Bank more than US$6.3 million as compensation for all losses plus interest.
Zhang, also known as Lee Zhang, held senior positions in Deutsche Bank from 2001 to 2010.
He caused a Hong Kong branch of Deutsche Bank to move US$3.9 million to the account of a company called Harperskille at the Shenzhen branch of China Merchants Bank, according to the writ.
The sum had accumulated interest of more than US$2.3 million by now, it said.
Zhang's appointment with ICBC - the world's biggest bank by total assets - in April 2010 made him the first Chinese employee of a Western financial institution to be recruited as a senior manager at a state lender.
