Bloomberg News

Deutsche Bank Sues Former China Head Lee for $6.3 Million

August 11, 2014

Lee Zhang, a former China head of Deutsche Bank AG (DB:US), was sued in Hong Kong by the firm over the 2001 transfer of $3.99 million to the account of a company with a bank in Shenzhen.

The bank asked Hong Kong’s Court of First Instance on Aug. 8 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 $2.3 million.

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.

Michael West, a Hong Kong-based spokesman for Deutsche Bank, declined to comment, as did a press officer for ICBC in Beijing.

Zhang joined Deutsche Bank from Goldman Sachs Group Inc. (GS:US) 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.

The case is Deutsche Bank AG (DBK) Hong Kong Branch v Zhang Hong Li, HCCL19/2014 in the Hong Kong Court of First Instance.

To contact the reporter on this story: Cathy Chan in Hong Kong at kchan14@bloomberg.net

To contact the editors responsible for this story: Chitra Somayaji at csomayaji@bloomberg.net Douglas Wong, Darren Boey


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