Reported in China Daily (2/07) :
Zhang Hai, former president and chief executive of the Jianlibao Group (a sport beverage company) was found guilty of misappropriating 206 million yuan (about (RM92.84 million) from 2002 until 2004
The Court has sentenced Zhang Hai a jailed term of  15 years for embezzling millions of dollars in public funds. Zhang would appeal the sentence.
“We have key evidence explaining that all funds involved in the case flowed between Jianlibao’s shareholders and the company, rather than into Zhang’s personal bank accounts,” China Daily quoted Zhang’s lawyer, Xu Yufa, as saying.
The Jianlibao Group, based in the southern province of Guangdong, was one of the nation’s leading sports beverage manufacturers and once ran a top-flight soccer club in Shenzhen
Local prosecutors alleged Zhang used the company’s money under his name to cover for loans from several other companies before he moved to Jianlibao.