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Head Of China's Railway Company Commits Suicide: First Graft Probe Casualty?

Tyler Durden's picture




 

Bai Zhongren, the president of state-run China Railway Group - the state-owned engineering giant behind many of the country's largest railway projects - committed suicide over the weekend. As SCMP reports, Bai is among several senior railway officials and executives who have committed suicide since corruption scandals implicating the senior railway officials began to come to light three years ago.

However, there have been no direct links between China Railway Group and the corruption cases (yet); but Chinese courts are about to hand down verdicts for Zhang Shuguang, a former deputy chief engineer of the now-defunct Ministry of Railways, and Ding Shumiao, a businesswoman with close tie with disgraced former railway minister Liu Zhijun. Xinhua quotes a colleague as saying that part of the cause of Bai's depression might be the heavy debts that his company has run up.

Via South China Morning Post,

Bai Zhongren, the president of China Railway Group, a state-owned engineering giant behind many of the country's largest railway projects, jumped to his death over the weekend, Chinese media reported on Monday.

 

...

 

The 53-year-old executive jumped to his death after suffering from depression in recent years

 

...

 

Economic Information, a newspaper published by the official Xinhua News Agency, quoted a colleague as saying that part of the cause of Bai's depression might be the heavy debts that his company has run up.

 

...

 

By the end of October, 2013, China Railways Group had total assets worth 626.5 billion yuan, and total outstanding debts of 531.9 billion yuan, with a debt-to-asset ratio of almost 85 per cent, according to the company's Q3 filings.

 

Bai’s suicide came as Chinese courts are about to hand down verdicts for Zhang Shuguang, a former deputy chief engineer of the now-defunct Ministry and of Railways, and Ding Shumiao, a businesswoman with close tie with disgraced former railway minister Liu Zhijun.

 

...

 

Bai is among several senior railway officials and executives who have committed suicide since corruption scandals implicating the senior railway officials began to come to light three years ago. However, there have been no direct links between China Railway Group and the corruption cases.

 

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Mon, 01/06/2014 - 10:36 | 4304180 achmachat
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bye bye bai

Mon, 01/06/2014 - 11:04 | 4304244 MillionDollarBogus_
MillionDollarBogus_'s picture

Odd that he didn't just walk in front of one of his trains...                        

He would know their schedules, right..??

Jump from where..??

 

Mon, 01/06/2014 - 11:10 | 4304254 Manthong
Manthong's picture

..good one.

But if only we had a policy of executing criminal TBTJ  financial pirates (like most big bank executives) here, we could look forward to them offing themselves before authorities got their hands on them.

Actually, we should start executing  negligent “regulators” first, maybe the rest would start doing their jobs.

 

Mon, 01/06/2014 - 11:11 | 4304256 SWRichmond
SWRichmond's picture

Here in US, only mundanes get executed.  Back to work, peasants!

Mon, 01/06/2014 - 12:46 | 4304553 Sofa King Confused
Sofa King Confused's picture

Did he jump?  Or was he pushed?

Mon, 01/06/2014 - 13:57 | 4304795 prains
prains's picture

two shots to the back of the jump

Mon, 01/06/2014 - 11:51 | 4304384 Gringo Viejo
Gringo Viejo's picture

Beats being "what's for supper" at a pit bull convention.

Mon, 01/06/2014 - 13:33 | 4304705 qmhedging
qmhedging's picture

run a company make no profit for cap of tickets and mountains of debt

Mon, 01/06/2014 - 16:28 | 4305355 ebworthen
ebworthen's picture

I would make a joke here about a new definition for "going off the rails" but that would be in poor taste.

Mon, 01/06/2014 - 10:33 | 4304183 Musashi Miyamoto
Musashi Miyamoto's picture

Not shoe related?

Mon, 01/06/2014 - 10:34 | 4304184 gwar5
gwar5's picture

I wish the bankers on Wall Street would volunteer to be suicided.

Mon, 01/06/2014 - 10:42 | 4304202 Papasmurf
Papasmurf's picture

They would sell puts and calls.  Anything for a buck.

Mon, 01/06/2014 - 10:50 | 4304224 BLOTTO
BLOTTO's picture

'Suicide' = snuffed out

?

Mon, 01/06/2014 - 11:06 | 4304245 RSloane
RSloane's picture

I was thinking more along the lines of congress, all of the dept heads, and white house staff. Finding at least one of them with a shred of conscience or integrity might be a very time-consuming job, as in never ending.

Mon, 01/06/2014 - 11:04 | 4304248 toady
toady's picture

I gotta say, I'm impressed with the way the Chinese handle fraud & corruption. Take the easy way out, or face a show trial & execution.

Imagine if those were the options for Corzine, Madoff, Dimon, Reid, Bohner, Bush & Obama.

We might actually get this country straightened out in a decade or two.

Mon, 01/06/2014 - 12:27 | 4304471 johnconnor
johnconnor's picture

missing the good old depresion bankers jumping out of windows, uh?

Mon, 01/06/2014 - 10:37 | 4304185 firstdivision
firstdivision's picture

He "jumped" to his death.  Never mind the fact that his hands and feet were bound together, behind his back...

Mon, 01/06/2014 - 10:54 | 4304225 _ConanTheLibert...
_ConanTheLibertarian_'s picture

I hope he did it in style by jumping in front of one of his own trains...

Mon, 01/06/2014 - 10:35 | 4304190 gafgroocK
gafgroocK's picture

 

 

Is Jon Corzine is on suicide watch?

Mon, 01/06/2014 - 10:40 | 4304196 Colonel Klink
Colonel Klink's picture

And by suicide watch you mean slather on more sun tan lotion and bring me another Mai Tai?

Mon, 01/06/2014 - 10:36 | 4304192 Colonel Klink
Colonel Klink's picture

Too bad our corporate crooks and crony government officials don't take this way out.  Then again there's no need as our worthless Attorney General Eric "Dick" Holder would never prosecute criminal activity once it's above the level of normal citizen.

Mon, 01/06/2014 - 10:39 | 4304193 pods
pods's picture

Did his wife like to shop for hours?

pods

Mon, 01/06/2014 - 10:36 | 4304195 NoDebt
NoDebt's picture

"I'm guillllltyyyyyyyyyyyyyyy....." <splat>

Mon, 01/06/2014 - 10:48 | 4304208 krispkritter
krispkritter's picture

They were all railroaded...

Mon, 01/06/2014 - 10:46 | 4304214 Colonel Klink
Colonel Klink's picture

:groan:

Well played sir!

Mon, 01/06/2014 - 10:48 | 4304217 jcaz
jcaz's picture

...Clearly a chink in the armor....

Mon, 01/06/2014 - 10:58 | 4304230 ShrNfr
ShrNfr's picture

Excellent train of thought, that.

Mon, 01/06/2014 - 16:26 | 4305342 Dugald
Dugald's picture

 

They were all railroaded...

Terminal depression.....

Mon, 01/06/2014 - 10:48 | 4304209 Iam Yue2
Iam Yue2's picture

Pathologist said to be looking for track marks.

Mon, 01/06/2014 - 10:47 | 4304215 Colonel Klink
Colonel Klink's picture

Close it should be coroner!  Still gave you a +1 for the effort.

Mon, 01/06/2014 - 11:12 | 4304257 Iam Yue2
Iam Yue2's picture

Forensic pathology.

Mon, 01/06/2014 - 11:25 | 4304286 Colonel Klink
Colonel Klink's picture

Fair enough.  Don't derail my train of thought.

Mon, 01/06/2014 - 12:22 | 4304451 krispkritter
krispkritter's picture

You've got a one track mind...

Mon, 01/06/2014 - 12:32 | 4304501 Nobody For President
Nobody For President's picture

My train of thought can't even get out of the fucking station this morning.

Mon, 01/06/2014 - 10:52 | 4304219 kchrisc
kchrisc's picture

Off topic: Did anyone catch this from a Harvard 'tribe' economist:

Gender pay gap would lessen with flexible work days, study finds

Gender salary differentials "would be considerably reduced and might vanish altogether if firms did not have an incentive to disproportionately reward individuals who labored long hours and worked particular hours," according to professor Claudia Goldin...

http://www.chicagotribune.com/business/breaking/sns-wp-blm-news-bc-pay-g...

 

Will it never stop?!

Mon, 01/06/2014 - 11:09 | 4304258 Atomizer
Atomizer's picture

Under the Obama administration, media repeaters will declare this as animal sprit growth for any economy. Asserting, this is how state owned franchise’s succeed in creating jobs…. Adding,  Bai Zhongren had mental issues, he should of just STFU and enjoyed the money the state provided thru taxpayer sponsors.

Appears the breakdown is hemorrhaging quicker than expected.

/sarc

 

Mon, 01/06/2014 - 11:20 | 4304280 IridiumRebel
IridiumRebel's picture

Jamie Dimon, the president of a state-run crooked Bankster Group Chase Bank- the state-owned banking and citizen fucking over giant behind many of the country's biggest plebe ass-fuckings - thankfully committed suicide over the weekend.

 

Mon, 01/06/2014 - 11:22 | 4304288 Colonel Klink
Colonel Klink's picture

That's just a cruel tease!

Mon, 01/06/2014 - 11:26 | 4304290 IridiumRebel
IridiumRebel's picture

sorry

Mon, 01/06/2014 - 12:01 | 4304396 Rising Sun
Rising Sun's picture

suicide or firing squad - go communists!!!

Mon, 01/06/2014 - 12:50 | 4304568 starman
starman's picture

he read hes fortune cookie.

Mon, 01/06/2014 - 14:03 | 4304824 ILikeBoats
ILikeBoats's picture

I think Paul Krugman missed his calling ... he could be a suicide prevention counselor for the Chinese who hold on to outmoded ideas that "debt is bad"...he pats Zhongren on the back, saying "no Bai, you did good, this is a good thing..."

Mon, 01/06/2014 - 15:42 | 4305187 the0ther
the0ther's picture

Now if only some of our American psychopath sycophants would do the same. 

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