| Head of Gujing Group under investigation |
SHANGHAI, Apr. 17 -- The head of Anhui Gujing Group Co Ltd, one of the nation's biggest liquor makers, is being investigated by the Communist Party's disciplinary body at the same time as the Anhui government is talking with Thailand's largest brewer and distiller about its takeover offer for the group.
Wang Xiaojin and his wife were taken by disciplinary staff from their home Friday night, according to the 21st Century Business Herald.
Twenty senior officials in the group, most of whom are Wang's relatives or close friends, were also being investigated or have been ordered to assist the probe.
It was reported that the investigation was launched by Central Disciplinary Committee of Communist Party of China Central Committee while it was probing the affairs of Anhui's Shuanglun Group, a state-owned liquor maker about 100 kilometers from Gujing.
The investigation into Wang may also be connected to the probe of Wang Huaizhong, the former vice provincial governor and Wang Zhaoyao, the former vice Party secretary of Anhui Province, according to a well-informed source.
Gujing Group owns a 62.6 percent stake in the Shenzhen-listed Anhui Gujing Distillery Co, was valued at 1.9 billion yuan before trading was suspended last Tuesday.
Gujing saw sales revenue in its liquor segment grow eight percent to 1.2 billion yuan last year, according to an official surnamed Dong in the sales department.
It also accounts for about a 15 percent market share nationwide.
The Anhui government said last year it would sell Gujing for at least 1.08 billion yuan (US$138.5 million).
The move is part of Gujing Group's restructuring program required by the government to increase its competitiveness. It also provides overseas investors with easier access to China's high-end liquor market through mergers and acquisitions.
Thai Beverage has won a takeover bid for Anhui Gujing Group, but the acquisition has still to be approved by the provincial government.
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