Guangzhou R&F cofounder wanted in US for bribery

The billionaire cofounder of Guangzhou R&F Properties 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 yesterday.

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 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 US$2.3 billion (HK$18 billion), according to Forbes magazine - offered to pay a security of 15 million (HK$143 million).

Mark Summers, representing Zhang, said 10 million of the security would be provided by R&F.

He added: "It cannot go higher than that because of the listing rules 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.