The Guilin People's Procuratorate said it launched an investigation into Huang Yanlan for allegedly misusing and embezzling huge sums of money in August 2002. Huang subsequently fled. Interpol issued a Red Notice on her in 2005.
Since the suspect remains at large, prosecutors have filed a case before the Guilin court seeking to confiscate her illegal assets.
From 1993 to 1998, Huang allegedly took advantage of her position as general manager of a State-owned enterprise in the Guilin and deputy head of a city government department, and siphoned about 1.17 billion yuan ($184.3 million) from the company, prosecutors said. "The money was not recorded in the company's financial books," the prosecutors' petition said.
About 400 million yuan was found to have been illegally transferred to another bank account set up by the company to invest in futures.
Huang was later also suspected of personally entrusting a third party to withdraw about 575 million yuan from the futures investment account, 529 million yuan of which was also missing from financial books, the prosecutors said.
Huang and her family paid 30 million yuan for 52 properties in Shanghai from 1997 to 1999 as the first installment.
The court did not announce its verdict on Thursday.