US looking for co-founder of Guangzhou R&F for a bribe
2022.12.12 09:08
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US looking for co-founder of Guangzhou R&F for a bribe
Budrigannews.com – A London court heard on Monday that the billionaire co-founder of Guangzhou R&F Properties Co Ltd is wanted in the United States on charges that he paid kickbacks to get permits for a construction project in San Francisco.
According to a provisional warrant issued in the Northern District of California, the chief executive of Hong Kong-listed developer R&F, Zhang Li, is wanted for participating in a scheme to bribe public officials between 2015 and 2020.
Ben Lloyd, who is representing U.S. prosecutors, said that R&F’s domestic affiliate, Z&L Properties Inc., received bribes from officials in San Francisco. R&F did not immediately respond to a request for comment.
In the midst of a legal battle to prevent his extradition to the United States, Zhang’s attorneys asked a judge to grant him bail on Monday at London’s Westminster Magistrates’ Court. Zhang did not appear there.
The 69-year-old – who is valued at $2.3 billion, as per Forbes magazine – proposed to pay a security of 15 million pounds ($18.4 million).
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Mark Summers, who represented Zhang, stated that R&F would provide 10 million pounds of the security. He added, Due to the Hong Kong stock exchange’s listing regulations, it cannot go higher than that.”
Summers stated that Zhang would contribute the remaining 5 million pounds.
Judge John Zani conceded bail and forced a 24-hour time limitation on Zhang. When Zhang left his house to go to court, the judge also said that he had to be handcuffed to a member of his court-appointed private security team.
