The co-founder of Chinese property developer Guangzhou R&F Properties Co. Ltd. agreed to be extradited from London to the US to face criminal allegations of paying bribes to secure contracts in California.
(Bloomberg) — The co-founder of Chinese property developer Guangzhou R&F Properties Co. Ltd. agreed to be extradited from London to the US to face criminal allegations of paying bribes to secure contracts in California.
Li Zhang “consents to extradition to USA on conditional bail,” according to a UK court filing. Zhang, a former government official who rose to lead one of China’s largest real estate firms, was arrested last year at Heathrow Airport on a flight from Singapore.
The US law enforcement agencies alleged Zhang provided kickbacks and funds to San Francisco officials to win permits for construction of a multi million-dollar mixed-use residential and commercial development project.
Zhang, 70-years-old, then paid for accommodation and gifts when an official traveled to China on vacation, the US alleges. The total bribes paid are estimated to be between $40,000 and $70,000.
He courted controversy last year when he avoided jail by agreeing with a court to lock himself in his own London luxury tower block’s five bedroom penthouse apartment and paid £15 million ($19.1 million) for conditional bail.
R&F previously said that it planned to fight the “false allegations” against Zhang. Lawyers Zhang didn’t respond to a request for comment.
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