Chinese billionaire accused of bribery to swap £6m pad for jail in US

Chinese billionaire accused of ‘bribery’ is set to swap opulent £6m riverside London penthouse with private pool for a US prison cell as he agrees to be extradited

• Billionaire Li Zhang, 70, was detained at Heathrow on an American arrest warrant
• The tycoon denies allegations of bribery and kickbacks made by US authorities 

A Chinese billionaire accused of ‘bribery’ is set to swap a £6million riverside penthouse in London for a jail cell in the US after he agreed to be extradited on corruption charges.

Businessman Li Zhang, 70, was arrested at Heathrow Airport by police acting on an American warrant.

The co-chairman of the R&F Properties conglomerate denies US authorities’ allegations of bribery and providing kickbacks for permits for a building project. 

He has had his Chinese and Canadian passports taken from him but has been bailed to his five bedroom 43rd-floor penthouse overlooking the Thames. 

There he has access to a private swimming pool after lodging £15million bail and agreeing to pay £200,000 for a private security operation to keep him under 24-hour guard. 

Zhang Li, co-chairman and president of R&F Properties Group, is currently on luxury bail

He has been bailed to his £6million five bedroom 43rd-floor penthouse overlooking the Thames.

Mr Zhang has access to a private swimming pool after lodging £15million bail and agreeing to pay £200,000 for a private security operation

The tycoon is worth an estimated $2.3 billion and is being guarded by British security firm Eminent Crisis Management working in 12-hour shifts.

A camera monitors him in his bedroom and he has to be accompanied down to the private swimming pool when he fancies taking a dip. 

Bespectacled Zhang appeared at Westminster Magistrates’ Court wearing a white shirt and blue tracksuit, aided by a Chinese interpreter, as he confirmed his name and date of birth.

District Judge John Zani said: ‘I understand you wish to consent to your surrender to the United States is that correct?’

‘What I need to tell you is if you sign this form, wishing to consent, you cannot change your mind you will not then be able to appeal any order of extradition made by the Secretary of State.

‘And effectively, your lawyer will not be able to make any applications in regard to this case.’

Confirming he understood, Zhang, was released on bail and ordered to pay court costs of £600.

Bespectacled Zhang (pictured left) appeared at Westminster Magistrates’ Court where he agreed to be extradited to America to face allegations of bribery

The conditions of Zhang’s bail were adjusted to a 9am to 9pm curfew, monitored by an electronic and doorstep provision.

He must also continue the surrender of his Canadian and Chinese passports and is prohibited from leaving or attempting to leave the country as well as applying for any international travel.

Judge Zani told Zhang: ‘You have consented to surrender to the US, I have signed this document confirming that as far as I’m concerned that should proceed, the next step is this matter will pass to the Secretary of State who will make the decision to extradite you, or not.’

Zhang is the co-chairman of R&F with billionaire Li Sze Lim.

In London it has two huge projects, Queen’s Square in Croydon and the Thames City development at Nine Elms.

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