Moutai’s chairman faces graft charges
Print Edition
CHINA will prosecute the former deputy Party secretary and chairman of luxury liquor maker Kweichow Moutai, the Communist Party of China Guizhou Provincial Commission for Discipline Inspection said yesterday.
Yuan Renguo, a former official of the world’s largest listed alcohol firm, with market capitalization of 1.12 trillion yuan (US$162.3 billion), has been expelled from the Party and removed from all posts.
Yuan “severely violated political discipline and used dealership qualification of the Moutai liquor as tools of strings pulling and exchange of interests,” the commission for discipline inspection said in a statement.
He took exceptionally large bribes and ran illegal for-profit business, it added, among other accusations.
Moutai, which sells its fiery Feitian 53 baijiu for close to US$250 per bottle, is often served at official banquets and business dinners.
The brand has close ties with Chinese culture, drawing on its long history as the national liquor of choice.
In March, the firm posted its second consecutive double-digit annual profit growth, racking up 35.2 billion yuan in full-year net profit for 2018, up from 27.08 billion a year earlier.
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