Bank sued Ex-Deutsche head for $6.3m
Former China head of Deutsche Bank, Lee Zhang, was sued in Hong Kong by the firm over the 2001 transfer of $3.99m to the account of a firm with a bank in Shenzhen.
Bloomberg News reports that the bank asked Hong Kong’s Court of First Instance on August 8th to find that Zhang breached his fiduciary duty by causing the transfer to Harperskille Ltd.’s account with China Merchants Bank, and for damages including the principal amount and interest of $2.3m.
Zhang, who left the Frankfurt-based bank in 2010 to join Industrial & Commercial Bank of China Ltd., didn’t immediately respond to a call requesting comment. The banker, whose Chinese name is Zhang Hong Li, had risen to be Deutsche Bank’s Asia-Pacific head of global banking and China chairman after working for almost a decade at the bank.
Zhang joined Deutsche Bank from Goldman Sachs in February 2001 as head of its China corporate finance business. He was promoted to China chairman in September 2003 and Asia co-head of global banking the following year.
Source: hereisthecity
