ICBC Executive Sued by Former Employer Deutsche Bank over Money Transfer

(Hong Kong) – Zhang Hongli, a vice president at Industrial and Commercial Bank of China (ICBC), is being sued by his former employer, Deutsche Bank AG, over a transfer of US$ 3.9 million.

Deutsche Bank AG, Europe's biggest investment bank, filed the lawsuit in Hong Kong on August 8. It says the money was sent from its Hong Kong branch to an offshore account at China Merchants Bank's branch in Shenzhen.