Ex-Jianlibao boss near bail deal
(China Daily)Updated: 2007-01-19 09:45
FOSHAN, Guangdong: Zhang Hai, the former president and CEO of the Jianlibao Group, is expected to be released on bail pending trial, after nearly two years in custody.
Zhang, 34, appeared at the Foshan Intermediate People's Court yesterday for
allegedly embezzling and misappropriating more than 215 million yuan ($26.9
million) worth of public funds during his term at the Foshan-based Jianlibao,
one of China's leading makers of sports beverages.
Speaking to China Daily after the hearing yesterday morning, Xu Yufa, one of Zhang's lawyers, said a requisition seeking Zhang's release from custody had been submitted to the court.
"Although the court has not confirmed that he will be released on bail pending trial, we are optimistic that they will rule in our favor because prosecutors have not provided evidence to support the charges against Zhang since the first hearing," Xu said.
Zhang, 34, first appeared in court on November 2 last year after being detained by local police on March 24, 2005.
At yesterday's hearing, two of Zhang's former assistants Chen Jingyu and Cao Tingwu said Zhang had used Jianlibao's funds for "legal activities".
"Funds involved in the case flowed between Jianlibao's shareholders and the company. Zhang was not personally involved with their movement," said Chen, who worked with Zhang on the acquisition of a company in Henan Province early in 1999.
Zhang, regarded as a mogul in China's capital market, took over as Jianlibao's president and CEO in 2002.
Local prosecutors allege Zhang used the company's money under his own name to cover for "loans" from several other companies before he moved to Jianlibao.
However, prosecutors have not produced any evidence to refute Chen's statements.
Xu said the court would reach a verdict by the end of this month.
"We hope that the court will bring a just end to the case," Xu said.
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