Wednesday, Sep 3, 2014Wednesday, Sep 3, 2014
News
 

China police detain 6 for theft that pushed liquor firm into red

Published on Jan 30, 2014 1:50 PM
 

BEIJING (REUTERS) - Police in China have detained six people in connection with a theft of some 100 million yuan (S$21 million) from a bank account of drinks firm Jiugui Liquor Co Ltd that helped push the company into a loss for 2013.

The official Xinhua news agency said the six had been detained in various areas of central and eastern China, citing a police chief in the company's home base of Hunan province. The report did not give further details.

Jiugui Liquor, one of China's top producers of the fiery, grain-based baijiu alcoholic drink that is a staple of celebratory gatherings, said earlier this week that the money had been withdrawn over a period of three days from one of its accounts at the Agricultural Bank of China.

The impact would help push the company to a net loss for 2013, it added.

 
If you are not a subscriber, you can get instant, unlimited access here