Corruption

Chinese billionaire granted $50M bail in UN bribery scheme case

Over a prosecutor's objections, bail conditions were set Friday for a Chinese billionaire at the center of a bribery case that has drawn scrutiny into the operations of the United Nations.

U.S. Magistrate Judge Kevin Nathaniel Fox said Ng Lap Seng can be released on $50 million bail, including $20 million cash and a $4 million luxury Manhattan apartment where he will remain until trial under 24-hour guard.

Fox said the 67-year-old Ng must wear an electronic bracelet and pay the $200-an-hour cost of two private security guards who will ensure he reports to court as required.

Ng was charged over a week ago in a bribery conspiracy with five others, including a former president of the U.N. General Assembly and a Dominican Republic diplomat.