SHANGHAI (Reuters) – The former chairman of China’s top liquor maker, Kweichow Moutai, was sentenced on Thursday 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 ($17.48 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 20% this quarter, hit by investor jitters over regulatory clampdowns.
($1 = 6.4590 Chinese yuan)
(Reporting by Andrew Galbraith; editing by Richard Pullin)