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Chairman Of China's Largest Copper Producer Commits Suicide By Jumping From Hotel
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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And another piece of the global ponzi begins to unwind...
Got Bitcoin?
You ashooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooole. Splat
What's he know that we don't (yet)?
How does one say defenestration in Mandarin?
Yu No Flu Now Goo
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...?
What? No Nailgun?
"What's he know that we don't (yet)?"
Tonnes Of Paper, Butt The Physical COPPER Is GONE, GONE...
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??
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.
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
Rook... rup in re sky... is a plane... is a bird... Rho shit... is a rucking falling slope.
Chief,
Hahahahahaha,-thats funny
Ora noe!
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.
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
Undertand.
..pretty hard to fllap when that consticted.
I take it you assume he jumped...
And if this your first time out on the ledge, you have to jump.
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).
His hard drive crashed and he lost his emails. This was the honorable thing to do.
I guess the building was
Fuk Too Hi
Long Wei Daon
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."
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.
Kurds and Wei.
Whoops, wrong thread.
<---- I got the nail gun right here. I take it with me everywhere. Never know when you're gonna need it.
you said fall-guy. ha ha
Geez, I missed that. Inadvertent joke.
Bearings are clueless.
DoChen
HAHAHAHA....You said "fall- guy"
edit; ooops been said done that-my bad- still funny though
what a great word, thanks.
de·fen·es·tra·tion d??fen??str?SH?n/ nounFinestra is Italian for "window"...
Never knew this word before though, either...
Fenster, german for window.
Venster, Dutch/Afrikaans for window (pronounced the same as the German).
Fenetre, French for window.
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...
Falling or being thrown out of a window typically does not result in death....it is the landing that kills.
I'll start to pay attention when the Fed Reserve Banksters practise swan diving without a safety net.
Black swan diving...
It gives new meaning to the word "gardyloo."
Four, you have to admire the English for something.
Any chance the Clintons, Bushes and Obamas own a huge copper mine and a windowless high rise hotel with narrow ledges?
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.
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.
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!
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.
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.
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.
arkancide.com
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.
Sum ting Wong mudafuka?
He knows how much you have to steal from a rich man before he decides to kill you.
That Gravity Kills.
Hey Hey Hey I'm guilty and you're guilty too
Ya know
It's not the fall that kills ya
It's that sudden stop
looks like 14 others are going to get suicided
gh0atrider
Yes.
Finally the west exports something back to Asia.
Lois Lerner are you watching? #dothehonorablething
Have to have a fall guy for these things.
Or a nail gun guy. Pick.
It looks like it's about to implode doesn't it.
This is a trend that I would really love to see catch on in the US among CEO's. You know, to give the people a reason to celebrate...and for the children. Always for the children.
If a few % of people would disengage the economy on all non-essential functions, even share buybacks wouldn't be able to hide the lies anymore.
Strikes and violence are tactics the "system" wants you to use, because they are understood and can be broken easily. By not spending (general boycott basically) our hard earned capital on crap, the game ends real fast. Any intervention to force us into the market would expose (even more) the naked emporer.
Yep. Start w/ specific boycotts, like fast food, Wal Mart, Israeli-produced goods, then work your way up to not using a TBTF bank. Hold dollars, but not ONLY dollars.
I cut out the TBTFs first, personally. Admittedly, it was easier for me than probably most because my firm's annual revenues are well under a quarter million. Doesn't even register with BB&T, but it means a lot to me to not have a zombie bank handling my accounts.
Wally World? Lol...I don't even go there for ammo anymore. Takes too long to recover from the trip.
Israeli produced goods? You mean dollars, banks, minorhas, slutty girls? Please be more specific.
Let's see...
No car
No cell phone
No credit card
no TV
no debt
Credit union account - not bank
Cook from scratch 95% of the time.
Grow food
Brew beer
Am I disengaged?
The Hunger Games: Mockingjay Official Trailer HD
http://www.youtube.com/watch?v=8e2xY0pMz70 (2:03)
The Hunger Games Catching Fire Deleted Scenes from the DVD
http://www.youtube.com/watch?v=HeB1lOICTu4 (4:33)
You'd have to actually prosecute people for corruption for it to catch on here. China isn't any more or less corrupt than the US overall (in my opinion of course, and I stand to be corrected by anyone with more experience). It's just that the penalties for not knowing the right people are a tad bit more harsh (e.g. death).
Were we to actually start prosecuting silly things like fraud and theft, we might see the added benefit of criminals offing themselves in this manner before wasting public monies on a trial. A win-win of sorts.
If I had one wish this holiday season...
He gone
For those who don't know, China deals with massive financial coruption by strapping the guilty to a gurney and pumping them full of a lethal cocktail. It appears the Chairman chose a slightly different means of arriving at the same fate.
China knows how to slaughter its piggies, I'm sure it will eventually be another thing the US will import after the Fed explodes the economy.
"China deals with massive financial coruption by strapping the guilty to a gurney and pumping them full of a lethal cocktail"
That is a new product called "Justice®".
I wish we could import that product from China but there appears to be some sort of tariff wall in the way.
That is a blatant lie. They shoot them in the back of the head. Bullets are cheaper.
WI Tu Hi?
No Yu Tu Lo.
Bang Ding Ow!
Han No Flap
Ow Mai Bawz!
Lon Wei Dan
Looks like it's time to go long nailguns and sidewalk cleaning products.
At least no one raises any supicions, when you kill yourself with a nailgun.
...sum ting wong
He couldn't wait for the 'organ van'...
Wong gets around!
What is a copper producer doing owning a hotel?????? sounds like a stretch of an investment to me...
Diversification! Money laundering! Many reasons...
The whole point is the commodity companies own the banks (since they have "collateral")...so can run everything over there.
Expect many future broad outcomes that occur over all Chinese industries, like a massive crash or RESET.
Might impact Asia, Australia, Brazil...
... Peru...
+ 1
Wiring.
It feels soooo goood on the way up. He didn't stick around to say how it felt on the way down. We may never know.
"wealth falls on some men as copper down a drain" - Seneca
jump fucker, jump!!
All he had to do was BTFD and everything would have been fine!!
All he had to do was BTFD and everything would have been fine!!
Maybe he knew that soon that would no longer work...
Is that not cheating the nail gun.
ask not for whom the nailgun tolls
This limerick goes out to Jianghong
The angels are singing his song
His fall from a roof
Is concealing the twoof
He apparently did Sum Ting Wong
Ah. Good to have you back chief.
Dim sum ting wong
It's popular in China and Russia=)
Did he really jump or was he given a free flying lesson?
The guy had to be fairly rich and could have just absconded to the less traveled regions of the far east with some hookers and blow. I know I would rather party away a mil or two than splatter on a sidewalk.
Hmm, good observation. Maybe he was just too greedy. Excess greed does that to some people, no matter how much they have, they just want moar...
If he did jump on his own it was because he is a true family guy.
If you run off from China to escape punishment, you better bring your whole clan with you because the ones left behind will pay the price on your behalf.
Chines love to gamble, with everything, also their lives.
Can someone get Yellen up the top of the Empire state building? See what happens.
About 6.8 on the Richter ?
Odd, it seems the Suicide by Gravity contagion has not yet run its course.
There is still hope however, Suicide by Nail Gun is still yet an aberration having not developed into an epidemic.
The THIRD nailgun comment yet, and it still hasn't gotten old.
Jump! ~Van Halen
The CHinese judge gave him a 9.5 for the dismount but unfortunately he didn't stick the landing. The landing stuck him
Rook out berow!
Wei U Jump.....
"You'll have to come in and get me copper!"
He dropped a penny and was reaching over to pick it up and did not realize how high up he was.
If we have death penalty for murders, what should we have for people who bring the whole us to it's knees?
I propose that their genetic contribution (children, grandchildren), perish with them.
The Lincoln Memorial
WHAT no nail guns over there!
But was his splat....BETTER THAN EXPECTED!!!
Hope he fries.
Did he scream Wwwweeeeeiiii all the way down?
They wouldn't use a nail gun when it would be cheaper just to hire a couple of guys to whack the nails in with hammers. If you use the right length of nails and pound them into the skull it is something like a lobotamy only worse; loss of eyesight, hearing, ability to speak, and etc. The guy would proabably be happy to jump before he died.
Its so easy to jump when you get a little push first
Bullish; mops and degreaser.
funny - guess he won't be doing any talking now
Me so sowwy, uh me so sowwy, me so sowwy, me not live long time.
How Long is a Chinaman -
How Hi is a Chinaman.
A real oldy.....
Hong Kong phone book has so many Wings and so many Wongs, you might wing the wong number.
Serously, no disrespect, if you can't laugh at yourself you should do what this guy did.
maybe the missing copper was never produced rather than produced and disappeard, bullish inflation
They probably lied about energy consumption too, because if you never refined the copper, you never consumed the energy needed to refine the copper, so either the energy was redirected or it was added to another layer of fraud, my guess is fraud.
This would also explain how CNOOC can overpay for oil assets globally, they lie.
Great strategy if you can keep it going, massive fraud losses cause inflation if they print to fix. then asset purchases can be paid off with fiat.
Shades of 1929.
Bingo RESET.
Gangnam style
https://www.youtube.com/watch?v=wFbHFTBwem0
Come on Parky!
http://business.financialpost.com/2014/06/24/move-over-gdp-gross-output-is-here/
More GDP fudging comming to a store near you..
This is what happens to humans who become totally engaged in money. Now don't get me wrong, I like money, and work hard to make alots. But, I also have a life and a family, and those two I care more about that upping my income above necessary levels. Killing oneself because your money hoarding has hit a snag? Well, all I can say is, "if money is that important, then fucking kill yourself, you should have done it long ago, we will not miss you!"
+ 1
Who would downtick that comment?
Wasn't me, but this was the exact moment in time that I wondered how long it will be before Google Earth catches one of these events in action.
How sadly true!
Now let's all join hands and sing Kumbaya.
Looks like he got a grim diagnosis from Doctor Copper!
The truth hit the papers, the shit hit the fan, and now CEO's are hitting the pavement.
Like pennies from heaven.
No golden parachute (or even a copper one) for him. He asked for one when he signed on, but they said "No Wei!"
Looks like he knew where the 80 TONS went and took that information with him ....
Headline should say "jumping".
He decided to jump out of copper and into short-term concrete futures....looks like he timed the market and hit the bottom perfectly!
(I'm going to hell)
Let me guess: they stored their copper bullion with the Federal Reserve?
Gawd, I miss Monty Python!
Suicide Sketch:
http://www.youtube.com/watch?v=au3kHUkqEgM
Might be lost on the Shermans LC
committing or BEING....
buy copper
cash in l/c with forged docs
sell copper offshore at discount for quick turn
hypothecate phantom copper locally, perhaps multiple times
REPEAT...
new billionaire born.... with offshore bank account
escorted out window or off roof... confucius says if innocent you fly if not you die...
kinda like the recent bankster "jumpers"
.....next will be washing machine parts sold as jet engine parts
Wratch out berow >>>>>>>>>Sprat.
Did he jump twice?
That's a dead pool right there,
I've got 2 BitCoins on Wenhai Zhang in August.
Checkout Assasination Politics on the DarkNet, the real meaning of the Internet has come of age.
I've got 2 turntables and a microphone.
And when he didn't die, he climbed back up to the top and jumped again!
When i think of bankers jumping off tall buildings, it pains me to think we are losing such productive members of society.
He was acting alone in all the crimes. Trust me. Meanwhile, do you need a place to store your metals?