© Reuters. FILE PHOTO: The logo of Guangzhou-based property developer R&F Properties is pictured at a strategic cooperation signing ceremony in Beijing, China July 19, 2017. REUTERS/Jason Lee
By Sam Tobin
LONDON (Reuters) – The billionaire co-founder of Guangzhou R&F Properties Co Ltd is wanted in the United States accused of paying kickbacks to obtain permits for a construction project in San Francisco, 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 U.S. 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 United States.
The 69-year-old – who is worth $2.3 billion, according to Forbes magazine – offered to pay a security of 15 million pounds ($18.4 million).
Mark Summers, representing Zhang, said 10 million pounds of the security would 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 pounds, 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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