Deutsche Bank, Germany’s biggest bank, claims that a top executive at Industrial and Commercial Bank of China, Zhang Hong Li, has made a questionable transfer of $3.9 million to a company called Harperskille Limited.

Deutsche Bank, Germany’s biggest bank, claims that a top executive at Industrial and Commercial Bank of China, Zhang Hong Li, has made a questionable transfer of $3.9 million to a company called Harperskille Limited, according to the South China Morning Post.

Zhang, also known as Lee Zhang, is now a senior executive vice president at ICBC; the suit reportedly demands that he pay the Frankfurt-listed bank more than $6.3 million in compensation for all losses, plus interest.

A spokesperson for Deutsche Bank declined to comment when contacted by WealthBriefingAsia. This publication is in contact with ICBC but had not received a response at the time of going to press.

Zhang held senior positions in Deutsche Bank from 2001 to 2010, the report said, stating that he caused a Hong Kong branch of Deutsche Bank to move $3.9 million to the account of a company called Harperskille at the Shenzhen branch of China Merchants Bank. The sum had accumulated interest of more than $2.3 million by now, it said.

Zhang's appointment with ICBC in April 2010 made him the first Chinese employee of a Western financial institution to be recruited as a senior manager at a state lender, the publication said. He is also a member of the national committee of the Chinese People's Political Consultative Conference, it said.