A former head of the Chinese liquor company Kweichow Moutai, the world’s most valuable spirits company, was imprisoned for life for receiving bribes of over $ 17 million.

A 64-year-old Yuan Renguo was accused of receiving more than RMB 112.9 million ($ 17.5 million) in cash and property while working at Kweichow Moutai between 1994 and 2018, according to a court statement on Thursday. I was convicted.

The court confiscated his personal property by depriving him of his political rights, a former Communist Party executive and a member of a local government advisory group.

Yang is the latest prominent businessman and Communist Party member who participated in President Xi Jinping’s large-scale anti-corruption campaign.

He was dismissed from public office in May 2019 and was expelled from the party on allegations of corruption.

An investigation by the party’s Graft Buster discovered that Yuan was engaged in “family-style corruption” and promoted the illegal sale of Mutai for malicious dealers.

Kweichow Moutai jumped over London-based Diageo in 2017 to become the world’s most valuable spirits company.

The company’s fiery liquor, Baijiu, is one of the most consumed spirits in the world, mainly due to the large population of China and the widespread use of drinks at weddings, banquets and business meetings.

Launched in 2012, Xi’s anti-corruption campaign has hit white liquor sales particularly hard, as premium brand bottles like Maotai have become a popular gift for attractive or bribe Communists. rice field.

The company’s share price was unaffected by the ruling, rising 0.92% to 1,652 yuan in trading Thursday morning.