Image Source : China Visual

BEIJING, December 13 (TMTPOST) —— Zhang Li, co-founder, co-chairman and president of R&F Properties, was accused of bribery in the United States, according to a statement released by the company on Monday.

R&F Properties Co., Ltd. said in the statment that "in response to the negative reports of our co-chairman Mr. Zhang Li by foreign media recently, our company declares as follows: Mr. Zhang Li was accused of bribery for entertaining a public officer and offering hotel accommodation in San Francisco, USA, and we are taking legal action against this false accusation."

According to foreign media reports, Zhang was arrested by London police on November 30 after U.S. authorities accused Zhang of bribing a U.S. official. Zhang asked the judge to grant him bail before he fought a legal battle against extradition to the United States.  According to Forbes magazine, the 69-year-old president of R&F Properties is worth $2.3 billion and he will pay £15 million in guarantee fees.

On Tuesday morning, R&F Properties issued a voluntary announcement, saying that the company was aware of media reports that a London court had granted bail to Zhang, in connection with a pending case involving Z&L Properties Inc. in the United States. R&F Properties clarified that it did not provide any bond for bail, and had no rights（权益) in Z&L Properties Inc. (owned by Zhang and the affiliated parties) and that the case would not have any adverse effect on the Company's operations.

Founded in 1994, R&F Group was founded by Li Silian and Zhang Li, headquartered in Guangzhou. After more than 20 years of rapid development, the company has become a comprehensive group with real estate as its main business and has seen diversified development in hotels, commercial operations, culture, sports, tourism, the Internet industry and trade, medical care, design and construction, and other fields.