Top Official at Regional Brewer Under Investigation
What’s new: Beer-maker Beijing Yanjing Brewery Co. Ltd. disclosed that its Chairman Zhao Xiaodong has come under investigation over allegations of illegal work-related behavior, and therefore cannot fulfill his job duties.
No further description was given of the allegations against him.
Vice Chairman Xie Guangjun will fill the role on an acting basis until a vote on a new chairman, according to the Thursday statement. Xie, 48, joined the company in 1998 and become its chairman in 2017.
Background: Shares of Yanjing Brewery fell 2% on Friday in the first trading day after the eight-day Chinese National Day holiday.
Detention of state-owned company officials suspected of wrongdoing has become relatively common in recent years in the anti-corruption drive that has become a signature campaign of President Xi Jinping.
Company announcements on the detention of top executives typically don’t mention the nature of the suspected violations. By comparison, official announcements by investigatory bodies often use the term “breach of discipline” to refer to cases involving corruption.
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