Yuan Renguo, former chairman of China's leading liquor maker Kweichow Moutai Group, has been expelled from the Communist Party of China (CPC) and dismissed from public office for serious violations of Party disciplinary rules and Chinese laws.

Yuan was found to have seriously violated political disciplines, and used his position and power in Moutai as tools to seek political and financial interests, according to a statement released by the CPC Central Commission for Discipline Inspection (CCDI) and the National Supervisory Commission Wednesday.

Yuan was also found to have engaged in massive bribery to provide convenience to illegal dealers, which seriously damaged Moutai's marketing environment.

In addition, he was found to have transferred illegal income and possessions, colluded with others, and fought against official investigation, according to the statement.

Other severely illegal actions or violations were exposed by the statements as well.

Yuan, as a leading cadre of the Party and head of a vital state-owned enterprise, didn't carry out his responsibilities and continued further on his illegal path after the 18th CPC National Congress, said the statement.

The investigation of Yuan was conducted by the Guizhou Provincial Commission for Discipline Inspection.

Information on his alleged crimes will be transferred to investigatory and prosecutorial bodies, which will proceed according to law.

Born in 1956, Yuan assumed leadership of Moutai in 1990. In May 2018, Moutai Group and its listed subsidiary Kweichow Moutai underwent a major reshuffle of leadership. Yuan was relieved from all this positions in Moutai Group. 

On May 5, Yuan was dismissed as a standing member of the 12th Guizhou provincial committee of the Chinese People's Political Consultative Conference (CPPCC), deputy director of the Guizhou provincial committee of economic affairs and member of the Guizhou provincial committee of the CPPCC.

Kweichow Moutai was listed on the Shanghai Stock Exchange in July 2001 at 31.39 yuan ($4.55 at current exchange rates). It hit a high of 990 yuan per share on April 30 and closed at 888 yuan Wednesday.