China jails former Moutai chairman for life for taking bribes: Xinhua

Yuan Renguo.
PHOTO: Twitter/GeorgeLin_bj

SHANGHAI - The former chairman of China's top liquor maker, Kweichow Moutai was sentenced on Thursday (Sept 23) to life in prison for taking bribes, China's official Xinhua news agency reported.

Yuan Renguo was sentenced by the Intermediate People's Court in Guiyang, the capital of the southwestern province of Guizhou, for accepting cash and properties worth more than 112.9 million yuan ($24 million) while working at Kweichow Moutai between 1994 and 2018, the report said.

Kweichow Moutai, China's largest company by market capitalisation, has seen its shares tumble more than 20per cent this quarter, hit by investor jitters over regulatory clampdowns.