Andrew Sigalla, a former director of listed company TZ Limited, pleaded not guilty in the Supreme Court on Wednesday to 24 charges of defrauding the business.

At times Mr Sigalla grimaced and shook his head in the dock in Court 1 in the King Street court building in Sydney.

The complex fraud trial, which is expected to run for well over a month, opened with allegations Mr Sigalla used his position as a director "dishonestly with the intention of directly gaining a benefit" for himself, his companies or an associate.

Justice Christine Adamson said she detected "slight indications of fatigue in the jury" as Crown prosecutor Patricia McDonald, SC, delivered a detailed opening address examining a trail of documents.

Justice Adamson apologised to the jury that the temperature in the courtroom was "a little high".

Mr Sigalla is accused of transferring funds from TZ Ltd to his own companies and his personal bank account between December 2006 and March 2009.

Ms McDonald said there would be evidence in the trial that funds were transferred to Mr Waterhouse's betting house, as well as a mortgage company that had lent a company associated with Mr Sigalla and his wife $10 million "to develop an industrial estate at Ingleburn".

Mr Waterhouse is expected to be among the witnesses.

One of the 24 fraud charges relates to a parcel of 847,458 shares in TZ which were allegedly transferred "without payment" to a company linked to Mr Sigalla while the rest involve allegations of cash transfers.

Ms McDonald said she anticipated some witnesses would give evidence that electronic signatures attached to documents looked like their handwriting but they had no recollection of authorising the signature.

A consultant who ostensibly billed the company for certain work was also expected to give evidence they had "no knowledge" of the invoices, she said.

Ms McDonald said money from TZ could be "traced" and was "earmarked" to pay off the mortgage.

The trial continues.