Kweichow Moutai exec probed for ‘serious disciplinary violations’

A senior executive at Kweichow Moutai Co's parent company has been placed under investigation by China's top disciplinary watchdog for suspected corruption, adding to the woes of China's top seller of fiery liquor.

Fang Guoxing, deputy general manager of China Kweichow Moutai Winery (Group) Co, is suspected of "serious disciplinary violations" - a euphemism for corruption - and is under investigation, the Central Commission for Discipline Inspection of the Communist Party of China said in a notice published on Wednesday.

Kweichow Moutai's sales have already suffered under President Xi Jinping's drive against luxury spending.

The campaign has brought down senior government officials and executives at State-owned enterprises.

Earlier this year, senior executives at State-owned firms including Aluminum Corp of China were placed under probes by the graft-busting body.

The company said in its latest financial report on October 29 that its net profit in the first nine months of the year dropped down 3.4 percent year-on-year to 10.7 billion yuan ($1.75 billion). The company's share price edged up 0.85 percent to 155.95 yuan per share on Wednesday.