Chinese businessman Liang Zhang faces extradition hearing in Panama

Panama City, Panama – Chinese businessman Liang Zhang faced a hearing on Sunday to determine his extradition to China, a day after his capture by Interpol and National Police in Calidonia. The hearing at the San Miguelito penal system will initiate the process to decide if he will be handed over to Chinese authorities.

If the court approves the extradition request from the International Affairs Prosecutor's Office, Zhang will be formally transferred to China. He is accused of participating in a case of business asset misappropriation between 2020 and 2022, which reportedly caused economic damages estimated at 2 billion yuan, equivalent to over $275 million.

According to Interpol sources, Zhang allegedly used his executive position within an investment company tied to international port projects. He is suspected of falsifying corporate documents and signatures to illegally transfer company shares to an entity under his sole control. Beyond the Chinese investigation, Zhang is known in Panama for his involvement in two major projects in Colón province. He was president and representative of Sinolam Smarter Energy LNG Power, Co., which aimed to develop a liquefied natural gas thermoelectric plant in Puerto Pilón, a project that ultimately did not proceed after its construction and operation license was canceled by the National Public Services Authority.

Zhang was also a director at Landbridge Holding Inc. (LHI), a Barbados-registered corporation that once controlled Panama Colon Container Port (PCCP). PCCP had been granted a concession for a port and container terminal in Isla Margarita, Colón, but this concession was later rescinded due to non-compliance. The businessman's name also appears in various legal disputes related to these projects, including litigation in Panama over share control of Panama Colon Container Port and a civil lawsuit filed by Sinolam in the United States against AES Corporation, alleging a conspiracy to seize the natural gas project.