Steven Zhang and Inter Milan have emerged victorious in a legal dispute against the former president’s creditors. The Milan Court has ruled in favor of Zhang and Inter, rejecting the claim by China Construction Bank Asia (CCBA) for unpaid salary.
The case, which began in July 2022, was related to a Hong Kong court ruling that Zhang owed CCBA $255 million plus interest for an unpaid loan. In March, the Milan Court of Appeal recognized the Hong Kong judgment in Italy, allowing CCBA to pursue Zhang’s Italian assets.
CCBA sought to claim Zhang’s salary as Inter Milan president, estimated at €914,000. However, Zhang had never received a salary for this role. The bank challenged a 2019 shareholders’ resolution approving Zhang’s waiver of compensation as president.
Calciomercato report how the Milan Court, presided over by Judge Alima Zana, ruled that CCBA could not contest Inter’s resolution. The court noted that the resolution did not revoke any previously granted right to compensation but merely acknowledged Zhang’s choice to forgo a salary.
The court emphasized that the tradition of unpaid presidency at Inter Milan predated Zhang’s tenure and continued with his successor, Giuseppe Marotta. It also highlighted that Zhang’s decision to waive compensation was made in 2016, four years before the debt to CCBA arose, ruling out any fraudulent intent.
Regarding the request to revoke Zhang’s salary waiver, the court pointed out that Inter’s statute does not stipulate compensation for directors, nor did Zhang’s appointment specify any salary. The judges concluded that Zhang’s waiver was not a renunciation of an acquired right but of a mere possibility.
The Milan Court ultimately rejected all of CCBA’s claims and ordered the bank to reimburse legal expenses of about €11,000 each to Inter Milan and Zhang.
