In a major crackdown on corruption, a Chinese court in Guizhou province sentenced former Moutai CEO Yuan Renguo to life in prison on charges of accepting bribes worth nearly 113 million yuan (17.5 million USD). The bribes reportedly included property and cash, and Yuan admitted to his crimes, leading to a "milder" sentence.
Moutai Baijiu, the flagship product of the company, is a clear, strong liquor known for its high alcohol content of 53%. Popular as a luxury spirit among high-ranking Chinese officials, the red-white bottle of its "Feitian" or "Feixian" variant is a staple at state banquets and business events.
Yuan's case follows a long-standing trend of Chinese authorities taking firm action against corruption. In January 20XX, Lai Xiaomin, a former chairman of a large Chinese asset management company, was sentenced to death for accepting bribes.
The sentence for Yuan is a testament to President Xi Jinping's increased efforts against corruption, which began in 2013. These efforts targeted excessive state spending, including expensive alcohol. Despite facing challenges, Moutai remains one of China's most valuable companies, with a market value surpassing that of global breweries like AB InBev, Diageo, and Heineken.
Moutai's production process is intricate and time-consuming, involving nine steaming, eight fermenting, and seven distilling stages, followed by aging in clay pots for up to a year. The liquid luxury, made from sorghum and wheat, is a key element of Chinese culture.
Regular investigations into corruption among powerful Chinese figures reveal information used as a warning to others. The crackdown on corruption extends to private enterprises and high-profile figures like Jack Ma of Alibaba.
Sources: [Independent Sources]
