He was removed from public office and expelled from the party on corruption charges in May 2019.
The party’s anti-corruption investigation found that Yuan participated in “family corruption” and provided convenience for illegal dealers to illegally sell Moutai.
Kweichow Moutai surpassed London-based Diageo in 2017 to become the world’s most valuable spirits company.
The company’s spirits “liquor” is the largest category Spirits Global consumption is mainly due to China’s large population, and this beverage is ubiquitous in weddings, banquets and business meetings in the country.
The anti-corruption campaign launched by Xi Jinping in 2012 has dealt a particularly severe blow to liquor sales, as bottled liquors from high-end brands such as Moutai have become popular gifts for attracting or bribing Communist Party officials.
The company’s share price was unaffected by the ruling and reported 1,652 yuan in early trading on Thursday, an increase of 0.92%.
