The president of a Shanghai company manufacturing biological and medical products stood trial Thursday for allegations of corruption and accepting bribes worth more than 150 million yuan (about 23 million U.S. dollars), said the municipal court.

Lan Xiande, former vice board chairman and president of Shanghai Jiao Da Onlly company Ltd., also the founder of the healthcare food "I & Onlly Liquid", was detained in December 2007, for allegedly misappropriating public property worth 47.53 million yuan, illegally accepting 15.71 million in property and embezzling 90 million yuan in public funds, the Shanghai No. 2 Intermediate People's Court said.

Lan, also former high-level leader of some sub-companies of Onlly, is accused of embezzlement during his tenure government employee, the court said.

Another two defendants were Fan Xiaobing, former deputy president of Onlly, and Ye Wenliang, former deputy president of Onlly from 2005 to 2008. They stand trial for corruption and accepting bribes after Lan Xiande, the court said, giving no schedule for the trials.

Lan was commended by Shanghai Jiaotong University as a board member and general manager of Onlly company in 1997 and he served as president from 2003 to 2007.

According to the court, Lan Xiande denied the accusations of misappropriation of public property of 47.5 million yuan on the court. He said the embezzlement of public funds of 90 million yuan was "all done by Fan Xiaobing, and (I) did not know anything about it."

Lan said part of the 15.71 million yuan bribers were loans, which should be separated from the total number, the court said, giving no details of how much the loans were.

Shanghai Jiao Da Onlly company Ltd., with registered capital of 240 million yuan and net asset of 940 million yuan, listed on the Shanghai Stock Exchange in July 2001, according to the company's Web site.

Shanghai Jiaotong University holds parts of the company's stocks the court said, giving no information of the share.

(Xinhua News Agency June 4, 2009)