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Zhang Hai, former president and CEO of the Jianlibao Group, appeared in court on Thursday accused of embezzling vast amounts of money.

The Jianlibao Group, set up more than two decades ago in Foshan, South China's Guangdong Province, is one of China's leading sports beverage producers.

Sources with the Foshan Intermediate People's Court said Zhang had allegedly embezzled public funds totaling 235 million yuan (US$29.4 million) during his time with the company.

Zhang, 34, who has been in custody for more than a year, after being detained by local police on March 24, 2005, denied all charges against him.

"All evidence from either my former partners or Zhu Weisha is wrong," Zhang told the court.

Zhu Weisha, who took over as Jianlibao president after Zhang, was also detained last year but was released on bail pending trial.

Zhang, regarded as a mogul of China's capital market, took over as Jianlibao president and CEO in early 2002, after he claimed to have purchased 75 percent of the group's shares.

Under Zhang's management, Jianlibao diversified its operations, making a series of equity investments, until a halt in the supply of raw materials brought production almost to a standstill in mid-2004.

Zhang was removed from his post as president and CEO later in August 2004.

Many of Zhang's assistants and subordinates, including Zhu Weisha, have also been detained by local police for further questioning.

"What prosecutors provide today is not based on facts," said Xu Yufa, one of Zhang's lawyers.

"The fact is that all funds involved in the case flowed between Jianlibao's shareholders and the company, rather than going directly into Zhang's personal bank account," he said in an interview with a newspaper yesterday.

Prosecutors revealed some evidence against Zhang yesterday. But Zhang's lawyers have so far dismissed all of it. According to Xu, Zhang was not accused of "economic crimes" but "penal offences" by the Foshan procurator.
 
The trial will continue today in the Foshan Intermediate People's Court. No court sources have yet indicated what verdict may be reached.

(China Daily November 3, 2006)