Fugitive property tycoon extradited to Hong Kong

Fugitive property tycoon Zeng Wei has been extradited from the US to Hong Kong over charges of money laundering and bribery.

Fugitive property tycoon extradited to Hong Kong

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According to the South China Morning Post, a statement by the Independent Commission Against Corruption said Wei arrived in Hong Kong this morning and is set to appear before the Wanchai district court this afternoon.

Wei, who is also the son of prominent Chinese politician Zeng Qinghong, first fled Hong Kong three years ago after becoming embroiled in a multibillion-dollar bribery scandal involving the Industrial and Commercial Bank of China (ICBC).

He has been with US authorities since he was arrested for trying to enter the US territory of Saipan under the alias Liu Zhiquian.

One of Wei’s charges alleges that he offered Derick Chan Po-fui, ICBC’s former head of corporate banking department, $2.3m as a reward for extending the repayment due dates of loans that he and his companies owed to the bank.

He is also accused of conspiring with Chan to use the $2.3m in a deal on the same day, despite knowing it arose from a chargeable offence.

A warrant was first issued for his arrest in July 2011 after he failed to appear in court to face his charges, granting him an Interpol “red notice” for apprehension.

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