Chinese Sugar Tycoon Jumps To Death Amid Market Falls

[Purveyor]

MOSCOW, October 17 (RIA Novosti) - The head of China's largest sugar producer, Guangdong Zogood Group, has committed suicide as his company became overwhelmed with debt, the country's Xinhua news agency said Friday.

Pang Guixiong, 46, jumped out of a window of his apartment on the 23d floor of a residential building on Wednesday in the Guangdong Province port city of Zhanjiang.

Xhinhua cites sources within his company as saying that the man was suffering severe stress over "increasing pressure from a growing number of creditors for immediate repayment of company debts."

The debts of the sugar giant have grown to about 1 billion yuan ($150 million) due to losses from futures trading. In January, the sugar price was 5,300 yuan ($775) a ton, but it has since almost halved to 2,800 yuan ($410) a ton.

An investigation is underway and all the assets of the company, which owns sugar plantations, refineries, transport and storage facilities, have been frozen.

RIA Novosti: http://en.rian.ru/world/20081017/117806649.html

[YOY]

1. Part of me hopes he sets a trend...

Part of me sees a tragedy.

[Ron Green]

2. Brother, can you spare a yuan?

[conspirator]

3. This puts a meaning to that line in Devil's advocate:

Buying futures, selling futures, when there is no future

[A HERETIC I AM]

4. Countdown to the first person to post a "Good!" response...3, 2, 1.....n/t

[Indenturedebtor]

5. Well as Mary Poppins used to say...

How many poor people who lose their homes are jumping off of buildings because of the greed of "Capitalists" like this one?

For every 10,000 who die for greed, one of them is an Industrialist. My heart weeps :eyes:

[PetrusMonsFormicarum]

6. All the windows

on Wall Street are currently equipped with Anti-Jump™ technology.

But I happen to know that humvees have a hidden feature: the tailpipe extends all the way around to fit in the window.