BEIJING, Mar. 1 -- Police were investigating Zhang Hai, former president of Guangdong-based beverage group Jianlibao, for allegedly embezzling 700 million yuan (US$85 million) from the company, the Beijing Times reported.

    Police from Foshan City, where the company¡¯s headquarters is based, had gone to Jianlibao¡¯s Guangzhou branch to ¡°collect evidence for the Jianlibao case,¡± the newspaper said.

    The Jianlibao Group reported to police in September last year that Zhang had allegedly collaborated with several senior company officials to embezzle 700 million yuan.

    Zhang was removed from the post of president in August last year. After he was removed, the company¡¯s new authorities hired an accountancy firm to audit the company¡¯s books. The firm¡¯s report shows that at least 700 million yuan had been removed by falsifying the company¡¯s accounts. 

 (Source: Shenzhen Daily)