SAN FRANCISCO— Li Zhang, a Chinese billionaire who is cofounder and CEO of Guangzhou R&F Properties, was arrested in London on Nov. 30 under a provisional warrant issued by the U.S. Attorney’s Office of Northern California District.
Zhang was accused of “participating in a scheme to bribe public officials” between 2015 and 2020, according to Reuters.
Zhang, 69, is worth $2.3 billion, according to Forbes magazine. He was granted bail under 15 million pounds (approximately $18.4 million) ahead of a legal battle against extradition to the United States. He did not show up at a Dec. 12 hearing.
As part of his bail conditions, Zhang will be confined to an apartment 24 hours a day and subject to CCTV and security monitoring by a London investigation and security risk firm. He will be handcuffed to a representative of the security firm when he leaves the apartment to attend court hearings, according to South China Morning Post….