Chery denies Board Chairman Yin Tongyue's involvement in toxic Jiugui Liquor scandal

Gasgoo.com (Shanghai December 3) - According to a Securities Daily report appearing today, Chery Automobile has officially denied that it has any involvement or association with Jiugui Liquor, which has been invested in by its Board Chairman, Yin Tongyue. Jiugui Liquor has recently been the subject of a scandal due to accusations that its beverages contain excessive amounts of toxic plasticizer.

In the statement, Chery explained that Mr. Yin (pictured above) does not directly control the companies he has invested in. Although Jiugui's largest shareholder, Guofu Fund, is 30 percent owned by Mr. Yin, its investment decisions are made independently.

Mr. Yin, who is a prominent figure in the automobile industry, has expanded his influence into other fields. However, Chery emphasized that Mr. Yin is still committed to the automobile industry, and is by no means an exclusive stock trader. "[We're] afraid if it wasn't for the [Jiugui] plasticizer scandal... only those in the automobile industry would mention Chery."