NEWS
FORMER CHAIRMAN OF KWEICHOW MOUTAI SENTENCED TO LIFE FOR ACCEPTING BRIBES
By Tony Zhu
27-9-2021
Source: Sotheby's
Former chairman of leading baijiu maker Kweichow Moutai Group, Yuan Renguo, was sentenced to life imprisonment for taking bribes by a court in China’s Southwestern Guizhou province.
The verdict, passed down last Thursday, said Yuan has accepted bribes, including properties, worth more than RMB112.9 million (USD17.5 million) from 1994 to 2018.
The verdict said Yuan took advantage of his positions as general manager and chairman of Kweichow Moutai to help distributors illegally obtain contracts with his company.
Yuan was sentenced to life in imprisonment, deprived of his political rights for life and had all his personal property confiscated.
Kweichow Moutai’s shares closed at RMB1,635 on Thursday, with the company valued at RMB2.1 trillion.
It remains one of China’s most valuable companies with a market capitalisation greater than the combined value of global drinks giants ABInBev, Diageo and Heineken.
The company’s revenue rose 11.68 percent year-on-year to RMB 49.087 billion in the first half of 2021, according to the company’s financial results published in July.
Net profit rose 9.08 percent year-on-year to RMB24.654 billion, equivalent to RMB270 million in daily earnings and accounting for a quarter of the massive baijiu market in China.
Baijiu is seen as China’s national drink. This category is distilled mainly from sorghum, some are then matured in clay or porcelain containers depending on styles. This category typically has over 50% ABV, very often closed to 60%, and gives a fiery sensation when nibbled.
(the writer can be contacted at: info@thewinechronicle.com)
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