Chairman Of China's Largest Copper Producer Commits Suicide By Jumping From Hotel

Tyler Durden's picture




 

While news of high-ranking financial executive suicides in the west have become week to week news, the troubling trend has spread to Asia. A string of Chinese officials have killed themselves in recent months, with speculation linking many to a crackdown on graft. However, as SCMP reports, this weekend saw the head of China's largest copper producer 'fell to this death' from a hotel owned by his company with a state-run newspaper claiming the 52-year-old committed suicide (due to work pressures) following corruption allegations. The timing of Wei Jianghong, chairman of state-owned Tongling Nonferrous Metals Group, suicide appears catalyzed by the growing anxiety over the widespread implications of China's rehypothecation commodity-finance scandal. That leaves one question - what did he know that markets remain ignorant of for now?

Profile: Mr. Jianghong Wei serves as Chairman and Chief Executive Officer of Tongling Nonferrous Metals Group Co., Ltd

Mr. Wei serves as the Chairman of the Board of Tongling Nonferrous Metals Group Holdings Co., Ltd. He served as a General Manager of Tongling Nonferrous Metals Group Holdings Co., Ltd. Mr. Wei worked for Tongling Nonferrous Metals (Group) Corporation as Deputy Manager, Director of the Economics and Trade Department, and Party Secretary from May 1998 to January 2003; Deputy Secretary of the Party Committee, and Deputy Manager from January 2003 to April 2003; General Manager and Deputy Secretary of the Party Committee from April 2003 to April 2007; and Chairman of the Board, General Manager. He has been Deputy Secretary of the Party Committee of Tongling Nonferrous since April 2007. He serves as the Chairman of Tongling Jinvi Copper Corp. Mr. Wei has a Master of Business degree and is a senior engineer (mining).

 

As The South China Morning Post reports,

The head of a US$2 billion Chinese copper producer fell to his death from a building, the firm announced on Wednesday, with a state-run newspaper claiming he committed suicide following corruption allegations.

 

The chairman of state-owned Tongling Nonferrous Metals Group, Wei Jianghong, died on Tuesday after falling off a building, the company said in a statement.

 

A string of officials have killed themselves in recent months, with speculation linking some to a crackdown on graft launched by President Xi Jinping after he took office last year.

 

State-run media said Wei jumped from a hotel owned by the company in Tongling, the city in the eastern province of Anhui where it has its headquarters.

 

The China Business News quoted a source as saying the incident might involve corruption since disciplinary authorities had initiated an investigation involving Tongling.

It seems when the graft stops and the rehypothecation miracle ends... companies get in trouble...

Tongling’s profits have declined in recent years due to the sluggish world economy and slower domestic demand, reports said.

 

Its net profit for last year slumped 38 per cent year-on-year to 573 million yuan (HK$721 million), according to an exchange filing.

 

Shares of Tongling, listed on the Shenzhen stock exchange, were down more than four per cent on Wednesday afternoon after the announcement, but its market capitalisation was still 12.7 billion yuan.

 

Tongling said authorities were investigating the incident and the board had appointed vice-chairman Yang Jun as acting chairman. It added company operations were normal.

This is not the first executive related to this industry to commit suicide...

In April the deputy chief of the government agency that fields grievances from citizens, Xu Ye’an, killed himself in his Beijing office although the details surrounding his death remain unclear.

 

State media also reported that Li Wufeng, deputy director of the government information department, “fell to death”, also in April.

Which makes us wonder - if the Qingdao probe and commodity-finance scandal is a storm-in-a-teacup as so many would like it to be, then why are the most senior executives of the biggest firm involved committing suicide?

Who's next?

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Wed, 06/25/2014 - 12:43 | 4893856 gh0atrider
gh0atrider's picture

And another piece of the global ponzi begins to unwind...

Got Bitcoin?

Wed, 06/25/2014 - 12:44 | 4893868 pelican
pelican's picture

You ashooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooole.  Splat

 

 

Wed, 06/25/2014 - 12:45 | 4893872 THX 1178
THX 1178's picture

What's he know that we don't (yet)?

Wed, 06/25/2014 - 12:50 | 4893892 hedgeless_horseman
hedgeless_horseman's picture

 

 

How does one say defenestration in Mandarin?

Yu No Flu Now Goo

Wed, 06/25/2014 - 12:54 | 4893928 DoChenRollingBearing
DoChenRollingBearing's picture

There is lots & lots of corruption in China.  And the punishment is very harsh (if the perp is not an insider or the regulators need a fall-guy).  There may be lots more of this to come.

I wonder when gold frauds start there...?

Wed, 06/25/2014 - 13:08 | 4894020 Xibalba
Xibalba's picture

What?  No Nailgun?

Wed, 06/25/2014 - 13:25 | 4894042 BaBaBouy
BaBaBouy's picture

"What's he know that we don't (yet)?"

Tonnes Of Paper, Butt The Physical COPPER Is GONE, GONE...

Wed, 06/25/2014 - 13:31 | 4894132 Divided States ...
Divided States of America's picture

At least this guy had the conscience that he did something wrong and punished himself for it, whether it was the easy way out or not.....I am waiting for the days when the likes of Icahn, Fink, Ackman, Tepper, Bernanke, Rubin, Summers, Yellen, Greenspan do the same thing....spot the similarities??

Wed, 06/25/2014 - 13:54 | 4894251 freewolf7
freewolf7's picture

It's about taking charge, taking control of your destiny, and just going ahead and starting that next life, replete with all the lessons you learned from this one. Our leaders could learn a thing or two from these wise men of the East. Might as well jump, go ahead and jump.

Wed, 06/25/2014 - 13:55 | 4894268 DaddyO
DaddyO's picture

In another thread, Yen Cross said it could be raining bankers. Who'd a thunk it would be chinese executives?

So much for my theory of oiling the nail guns and posting them on eBay for the banking elite.

Go long High Rise Ledges!

DaddyO

Wed, 06/25/2014 - 13:59 | 4894289 Chief KnocAHoma
Chief KnocAHoma's picture

Rook... rup in re sky... is a plane... is a bird... Rho shit... is a rucking falling slope.

Wed, 06/25/2014 - 14:30 | 4894461 Pooper Popper
Pooper Popper's picture

Chief,

 

Hahahahahaha,-thats funny

Ora noe!

Wed, 06/25/2014 - 15:08 | 4894618 Manthong
Manthong's picture

The good thing is that the guy seemed to have a conscience.

The bad thing is it seems like he did have the courage to address the system that got him into a very bad predicament.

My sympathies to his family no matter how well he left them.

Wed, 06/25/2014 - 15:31 | 4894736 RaceToTheBottom
RaceToTheBottom's picture

Conscience or no conscience, same to me.  

To me the only difference is whether the Bankster jumpers have those little plastic ties around their hands and legs.  That might be a US requirement

Wed, 06/25/2014 - 17:20 | 4895271 Manthong
Manthong's picture

Undertand.

..pretty hard to fllap when that consticted.

Wed, 06/25/2014 - 20:02 | 4895839 Keyser
Keyser's picture

I take it you assume he jumped... 

 

Wed, 06/25/2014 - 17:11 | 4895235 August
August's picture

And if this your first time out on the ledge, you have to jump.

Wed, 06/25/2014 - 13:54 | 4894260 ebworthen
ebworthen's picture

Nah.  The Wu's got together with the Wang's to eliminate the Wei.

Dead men tell no tales, and they now have a "fall guy" (pun intended).

Wed, 06/25/2014 - 14:05 | 4894318 Chief KnocAHoma
Chief KnocAHoma's picture

His hard drive crashed and he lost his emails. This was the honorable thing to do.

Wed, 06/25/2014 - 14:16 | 4894395 Freddie
Freddie's picture

I guess the building was

Fuk Too Hi

Wed, 06/25/2014 - 14:54 | 4894585 TheFourthStooge-ing
TheFourthStooge-ing's picture

Long Wei Daon

Wed, 06/25/2014 - 15:02 | 4894614 Son of Loki
Son of Loki's picture

He'd rather jump to his death then reveal the Big Fish behind him feeding him the bribes I suspect. He evidently missed that day in class when they taught the "Lois Lerner Methods of Losing Info."

Wed, 06/25/2014 - 18:09 | 4895438 Freddie
Freddie's picture

My guess is these guys in China are probably thrown off the building by thugs.  Alternatively, they are given the choice of killing themselves or having their families killed by the Triads or others.   Sad stuff.   The USA is just a corrupt joke.

Wed, 06/25/2014 - 14:39 | 4894518 Flagit
Flagit's picture

Kurds and Wei.

Whoops, wrong thread.

Wed, 06/25/2014 - 13:29 | 4894123 NoDebt
NoDebt's picture

<---- I got the nail gun right here.  I take it with me everywhere.  Never know when you're gonna need it.

Wed, 06/25/2014 - 13:11 | 4894041 Frank N. Beans
Frank N. Beans's picture

you said fall-guy.  ha ha

Wed, 06/25/2014 - 13:24 | 4894101 DoChenRollingBearing
DoChenRollingBearing's picture

Geez, I missed that.  Inadvertent joke.

Bearings are clueless.

Wed, 06/25/2014 - 14:44 | 4894527 MeMongo
MeMongo's picture

DoChen

HAHAHAHA....You said "fall- guy"

edit; ooops been said done that-my bad- still funny though

Wed, 06/25/2014 - 12:55 | 4893934 Four chan
Four chan's picture

what a great word, thanks.

de·fen·es·tra·tion d??fen??str?SH?n/ noun   
  1. 1. formalhumorous the action of throwing someone or something out of a window. "death by defenestration has a venerable history"
  2. 2. informal the action of dismissing someone from a position of power or authority. "that victory resulted in Churchill's own defenestration by the war-weary British electorate"

 

Wed, 06/25/2014 - 13:00 | 4893971 ConManipulation
ConManipulation's picture

Finestra is Italian for "window"...

Never knew this word before though, either...

Wed, 06/25/2014 - 13:25 | 4894107 Herd Redirectio...
Herd Redirection Committee's picture

Fenster, german for window.

Venster, Dutch/Afrikaans for window (pronounced the same as the German).

Fenetre, French for window.

 

Wed, 06/25/2014 - 15:18 | 4894677 jon dough
jon dough's picture

Painted Black Rectangle On Side Of Building must be Chinese for window

 

http://www.dailymail.co.uk/news/article-2474999/Dont-expect-room-view-Bu...

Wed, 06/25/2014 - 13:01 | 4893975 The Proletariat
The Proletariat's picture

Falling or being thrown out of a window typically does not result in death....it is the landing that kills.

Wed, 06/25/2014 - 13:07 | 4894021 Latina Lover
Latina Lover's picture

I'll start to pay attention when the Fed Reserve Banksters practise swan diving without a safety net.

Wed, 06/25/2014 - 13:19 | 4894075 Eyeroller
Eyeroller's picture

Black swan diving...

Wed, 06/25/2014 - 13:11 | 4894048 666
666's picture

It gives new meaning to the word "gardyloo."

Wed, 06/25/2014 - 15:59 | 4894899 Phuk u
Phuk u's picture

Four, you have to admire the English for something.

 

Wed, 06/25/2014 - 12:50 | 4893897 Mr Pink
Mr Pink's picture

Any chance the Clintons, Bushes and Obamas own a huge copper mine and a windowless high rise hotel with narrow ledges?

Wed, 06/25/2014 - 12:52 | 4893914 Canadian Dirtlump
Canadian Dirtlump's picture

They have pics of the execs of most of the mines high on their drug of choice fucking their particular object of lust so they don't need to own them.

 

THey probably more likely have warehouses full of actual metal precious and otherwise while everyone else plays the paper shuffle game.

Wed, 06/25/2014 - 13:03 | 4893966 Hongcha
Hongcha's picture

He authorized padding the output inventory books.  He was in cahoots and got cornered and took the honorable way out.

You notice this is rehypoth copper.  Why don't they use Au or even Ag as collateral ?

Because there is not enough of it in the PRC.  Because the paper price has been driven down so long, Au and Ag bullion have become progressively harder to get in size.

What will happen is the gold-clad coinage will become even more rampant in China until there are jiade coins flooding the markets.  Chinese buyers will go West because the .999 bullion will drop out of sight in the PRC (bad money drives out good) and become impossible to obtain.

We will see buyers with cash arriving on our shores and they will buy out the Main Street coin shops and weekend coin shows in one fell swoop, spending 100's of thousands in cash at a time and walking out with entire inventories.

They will be (relatively) small-fry bagmen with only a few million to spend.

Prepare accordingly.

All jmvho.

Wed, 06/25/2014 - 13:05 | 4893998 DoChenRollingBearing
DoChenRollingBearing's picture

Hongcha

A very interesting scenario.  + 1

 

If we start hearing stories of this in California (first stop for many from China), then that may be the "Last Call" for physical gold!

Wed, 06/25/2014 - 15:38 | 4894763 RichardENixon
RichardENixon's picture

Those "Cash for Gold" ads seem to have disappeared from the TV. Maybe this is the next phase.  Edit: I accidentally up arrowed my own post and it took. After being here for over 4 years I never realized that was possible. Not that I would do it again of course.

Wed, 06/25/2014 - 22:47 | 4896466 bilbert
bilbert's picture

Of course not - you are not a crook!

Same thing has happened in my area - all the "Cash for Gold" joints are now e-cig/vape businesses.

It seems that all the Gold held by folks selling off their inherited jewellery, is long gone.

Of course, if a SECOND recession (/sarc) should occur, that may change, same thing if Gold should be repriced to reality.

 

Wed, 06/25/2014 - 12:58 | 4893956 Luckhasit
Luckhasit's picture

No such luck.  Since the Clintons were able to ghost over 100 people, I don't think there is a building high enough unless its the Tower of Babel.

As for Bush, we know what he did.

Wed, 06/25/2014 - 17:32 | 4895335 ceilidh_trail
ceilidh_trail's picture

arkancide.com

Wed, 06/25/2014 - 12:50 | 4893898 Canadian Dirtlump
Canadian Dirtlump's picture

So I guess one would think that in this case, you probably have somebody doing the satanic swan dive because of this whole rehypothecation square dance. Why? because the chinese government wouldn't think twice about pulling an execution bus up to this guy's office and executing him.

 

This would be in contrast to the concept of the western bankers perhaps being "suicided" because lord knows they won't be held accountable here.

 

Interesting food for thought.

Wed, 06/25/2014 - 12:54 | 4893929 camaro68ss
camaro68ss's picture

Sum ting Wong mudafuka?

Wed, 06/25/2014 - 13:35 | 4894152 Pumpkin
Pumpkin's picture

He knows how much you have to steal from a rich man before he decides to kill you.

Wed, 06/25/2014 - 14:32 | 4894468 Flagit
Flagit's picture

 

What's he know that we don't (yet)?

 

That Gravity Kills.

Hey Hey Hey I'm guilty and you're guilty too

Wed, 06/25/2014 - 12:52 | 4893907 Da Yooper
Da Yooper's picture

Ya know

 

It's not the fall that kills ya

 

It's that sudden stop

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