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HomeOther CountriesMalaysiaR&F billionaire co-founder wanted in US for bribery - Free Malaysia Today

R&F billionaire co-founder wanted in US for bribery – Free Malaysia Today

LONDON: The billionaire co-founder of Guangzhou R&F Properties accused of paying kickbacks to obtain permits for a construction project in San Francisco is wanted in the US, a court in London heard on Monday.
Zhang Li, the chief executive of Hong Kong-listed developer R&F, is wanted on a provisional warrant issued in the northern district of California, which accuses him of participating in a scheme to bribe public officials between 2015 and 2020.
Ben Lloyd, representing US prosecutors, said the scheme involved the payment of bribes to officials in San Francisco for the benefit of R&F’s domestic affiliate, Z&L Properties Inc.
R&F did not immediately respond to a request for comment.
Zhang did not appear on Monday at London’s Westminster Magistrates’ Court, where his lawyers asked a judge to grant him bail ahead of a legal battle against extradition to the US.
The 69-year-old, who is worth US$2.3 billion, according to Forbes magazine, offered to pay a security of £15 million (US$18.4 million).
Mark Summers, representing Zhang, said £10 million of the security will be provided by R&F.
He added: “It cannot go higher than that because of the listing rules of the Hong Kong stock exchange.”
Zhang would provide the other £5 million, Summers said.
Judge John Zani granted bail and imposed a 24-hour curfew on Zhang.
The judge also said Zhang must be handcuffed to a member of his court-appointed private security team when he left his house for the purposes of attending court.
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