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Li Jingwei, former director of Jianlibao Group was sentenced into a 15-year imprisonment term due to embezzlement. The judgment was made and announced by the Intermediate People’s Court of Foshan on November 2. In addition, his personal assets, which value 150 thousand yuan (USD 23.64 thousand), are to be confiscated as well.
Li Jingwei, 72, was the founder of the “first national beverage brand” Jianlibao. This brand, also known as the “magic water of China”, became famous worldwide when it appeared in the opening ceremony of the Los Angeles Olympics in 1984. Its brand value once exceeded 6 billion yuan (USD 945.6 million). However, when he was ready to retire with glory and fame, he was beaten down by the embezzlement charge.
In 1997, the 38-storey Jianlibao Tower was established in Guangzhou and Li Jingwei moved the headquarters of its company to Guangzhou as previously planned. In that year, the sales of Jian- libao exceeded 5 billion yuan (USD 788 million). However, the construction of the tower is said to have been done without the government approval and might be used as a tool to transfer assets.
In 1997, the government of Sanshui, where Jianlibao was originally headquartered, rejected Jianlibao’s plan to go public in Hong Kong. Angered by the rejection, Li Jingwei gave up the plan of going public. At the beginning of 2002, a man named Zhang Hai spent 338 million yuan (USD 53.3 million) acquiring a 75% stake in Jianlibao. Half a year later, Li Jingwei, as well as three vice presidents of Jianlibao, Li Qingyuan, Yang Shiming and Ruan Juyuan, were removed from their positions due to the “illegal transfer of Jianlibao’s assets”.
From then on, Jianlibao’s business had a drastic fall. According to public data, Jianlibao still owes the banks 1 billion yuan (USD 157.6 million).
Li Jingwei, 72, was the founder of the “first national beverage brand” Jianlibao. This brand, also known as the “magic water of China”, became famous worldwide when it appeared in the opening ceremony of the Los Angeles Olympics in 1984. Its brand value once exceeded 6 billion yuan (USD 945.6 million). However, when he was ready to retire with glory and fame, he was beaten down by the embezzlement charge.
In 1997, the 38-storey Jianlibao Tower was established in Guangzhou and Li Jingwei moved the headquarters of its company to Guangzhou as previously planned. In that year, the sales of Jian- libao exceeded 5 billion yuan (USD 788 million). However, the construction of the tower is said to have been done without the government approval and might be used as a tool to transfer assets.
In 1997, the government of Sanshui, where Jianlibao was originally headquartered, rejected Jianlibao’s plan to go public in Hong Kong. Angered by the rejection, Li Jingwei gave up the plan of going public. At the beginning of 2002, a man named Zhang Hai spent 338 million yuan (USD 53.3 million) acquiring a 75% stake in Jianlibao. Half a year later, Li Jingwei, as well as three vice presidents of Jianlibao, Li Qingyuan, Yang Shiming and Ruan Juyuan, were removed from their positions due to the “illegal transfer of Jianlibao’s assets”.
From then on, Jianlibao’s business had a drastic fall. According to public data, Jianlibao still owes the banks 1 billion yuan (USD 157.6 million).