Business / Companies

Liquor maker's 100m yuan deposit reported stolen

(Xinhua) Updated: 2014-01-28 14:16

CHANGSHA - Chinese alcohol producer Jiugui Liquor Co Ltd on Tuesday revealed that 100 million yuan ($16.5 million) was stolen from one of its bank accounts in East China's Zhejiang province in December.

A bank account was set up in the name of the company on Nov 29 at the Agriculture Bank of China in Hangzhou, provincial capital of Zhejiang, a Jiugui Liquor statement said.

A total of 100 million yuan was deposited.

Withdrawals were made over the course of three days from Dec 11 to Dec 13, leaving only 1,176 yuan in the account, according to the statement.

Police are investigating, it added.

China's high-end liquor makers have been frustrated by their performance on the stock market recently, partly due to the government controlling official spending on banquets.

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