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September 27, 2017

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Deutsche Bank sues former China CEO for US$3.9 mil.

HONG KONG--Deutsche Bank is suing a former top executive of its China operations for US$3.9 million, according to reports, accusing him of transferring the sum to an account held by another company at a Chinese bank.

Lee Zhang was previously chairman of Deutsche Bank China and head of global banking in the Asia-Pacific region.

In papers filed with Hong Kong's high court on Aug. 8 and seen by Dow Jones Newswires, the German bank alleges Zhang transferred US$3.9 million to an account in the name of Harperskille Limited, held at the Shenzhen branch of China Merchants Bank.

Deutsche Bank claims Zhang breached his professional duty and is seeking the full amount from the banker, plus US$2.3 million in interest.

Zhang joined Deutsche Bank in 2001 and was previously the Goldman Sachs group's chief representative in Beijing.

He has also been a member of the Chinese People's Political Consultative Conference, a top government advisory body.

Zhang joined the state-owned Industrial and Commercial Bank of China in 2010.

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