chief agrees to be extradited to U.S.

Guangzhou R&F Properties

14/06/2023 15:20

(Adds background from paragraph 6)
    By Sam Tobin
       LONDON, June 14 (Reuters) - The billionaire co-chairman
and CEO of Chinese developer Guangzhou R&F Properties Co Ltd on
Wednesday agreed to be extradited from London to the United
States, where he is facing bribery charges.
    Zhang Li, who co-founded Hong Kong-listed R&F  2777.HK , is
wanted on a provisional warrant issued in the Northern District
of California that accuses him of participating in a scheme to
bribe public officials between 2015 and 2020.
    The 69-year-old, who is currently worth $1.6 billion,
according to Forbes magazine, is alleged to have paid kickbacks
to obtain permits for a construction project in San Francisco.
    He appeared at London's Westminster Magistrates' Court on
Wednesday, where he agreed to be extradited to the U.S.
    Zhang's case will now be sent to Britain's interior minister
to decide whether to approve his extradition.
    Lawyers representing U.S. prosecutors told the court at a
hearing in December that Zhang was involved in the payment of
bribes to officials in San Francisco for the benefit of R&F's
U.S. affiliate, Z&L Properties Inc.
        R&F previously said that Zhang was accused of bribery
because of provision of "banquet dinner and hotel accommodation"
to the former San Francisco public affairs chief who was
visiting China.
  
        In December, Zhang was granted bail on the condition
that he pay a security of 15 million pounds ($19 million), the
joint-largest security that an English court has ever accepted.
  

 (Reporting by Sam Tobin; editing by Sarah Young)
 ((Sam.Tobin@thomsonreuters.com;))