Home
News
In Focus
Business
Metro
Nation
World
Sports
Feature
Opinion
View more »Opinion Columns
Wan LixinOpinion deputy editor of Shanghai Daily
Restaurants get off to a quick start thanks to game-changing policies
High service charges on event ticket refunds call for further regulation
Sunday
- Subscribe
Soft-drink king faces court for corruption
By Li Xinran |
September 4, 2009, Friday
|
Print Edition
Print Edition
SEVEN years after being arrested, the former chairman of the once-great domestic soft drink company, Shenzhen-based Jianlibao Group, stood trial yesterday in the Intermediate People's Court of Foshan City in Guangdong Province.
Three of his former staff stood accused alongside him for embezzling and taking bribes, Shandong-based news Website Dzwww.com reported yesterday.
Li Jingwei, 70, was arrested in 2002 and had his position as a deputy to the ninth National People's Congress terminated for allegedly embezzling public funds in a deal to sell 75 percent of the company for 338 million yuan (US$49.5 million).
Three of Li's four vice presidents were also taken into custody at the same time, while the other disappeared.
The buyer Zhang Hai, who succeeded Li as the group chairman, was sentenced to 10 years' jail in February 2007 for misusing and embezzling company funds. Under Zhang, Jianlibao sponsored the Shenzhen Jianlibao Football Club from 2002 to 2005.
Guangdong prosecutors said Li had misused millions of yuan in public funds to buy life insurance while transforming Jianlibao from a state-owned alcohol plant part-owned by Guangdong's Sanshui government.
In 18 years Li led Jianlibao to become one of the biggest domestic soft-drink makers - on a par with Coca-Cola and Pepsi. At its peak 1997 its annual sales reached more than 5 billion yuan and the company moved into its 800-million-yuan 38-floor headquarters in Guangzhou. Things then went downhill.
The Sanshui government sold its stake in 2002. By 2005 Jianlibao owed more than 1 billion yuan.
Three of his former staff stood accused alongside him for embezzling and taking bribes, Shandong-based news Website Dzwww.com reported yesterday.
Li Jingwei, 70, was arrested in 2002 and had his position as a deputy to the ninth National People's Congress terminated for allegedly embezzling public funds in a deal to sell 75 percent of the company for 338 million yuan (US$49.5 million).
Three of Li's four vice presidents were also taken into custody at the same time, while the other disappeared.
The buyer Zhang Hai, who succeeded Li as the group chairman, was sentenced to 10 years' jail in February 2007 for misusing and embezzling company funds. Under Zhang, Jianlibao sponsored the Shenzhen Jianlibao Football Club from 2002 to 2005.
Guangdong prosecutors said Li had misused millions of yuan in public funds to buy life insurance while transforming Jianlibao from a state-owned alcohol plant part-owned by Guangdong's Sanshui government.
In 18 years Li led Jianlibao to become one of the biggest domestic soft-drink makers - on a par with Coca-Cola and Pepsi. At its peak 1997 its annual sales reached more than 5 billion yuan and the company moved into its 800-million-yuan 38-floor headquarters in Guangzhou. Things then went downhill.
The Sanshui government sold its stake in 2002. By 2005 Jianlibao owed more than 1 billion yuan.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
