CHINA: Gujing embroiled in corruption investigation - report

By just-drinks.com editorial team | 3 August 2007

Six senior officials at Chinese distiller Gujing Group have been caught up in a corruption investigation, according to local reports.

The officials at Gujing, the parent company of Anhui Gujing Distillery Co., have been detained by authorities this week, Xinhua news agency reported today (3 August). Among the detainees are group deputy manager He Fei and Zhu Renwang, a director and deputy general manager at Anhui Gujing.

Gujing Group chairman Wang Xiaojin has also reportedly been detained by the local government, the news service said.

Gujing Group has been the target of a takeover bid by Thailand-based International Beverage Holding (InterBev). In June, a deal between InterBev and the Bozhou state-owned Assets Supervision and Administration Commission, Gujing's owner, seemed to have collapsed. InterBev moved quickly, however, to say that negotiations were "still in progress". InterBev bid CNY980m (US$129.5m) to acquire the group in April.

Sectors: Spirits

Companies: InterBev