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Tongling chairman in fatal plunge
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SHARES in state-owned Tongling Nonferrous Metals Group posted their biggest decline in three months yesterday following the death of its chairman.
The Shenzhen-listed stock lost 4.4 percent to 8.91 yuan (US$1.43), its biggest slump since March 10.
Wei Jianghong, chairman of the copper producer, died after falling from a building about 11am on Tuesday, according to a company statement released yesterday.
Preliminary investigations suggest Wei committed suicide due to overwhelming work pressures, aggravated by his chronic insomnia, the Public Security Bureau of Tongling City, Anhui Province, said on its website yesterday.
An unnamed source from the city’s discipline commission, however, was quoted by Securities Times as saying the incident might have been linked to an investigation by the Central Commission for Discipline Inspection, the country’s anti-graft watchdog.
According to the newspaper, Wei fell to his death from the fifth floor of a hotel owned by the company in Tongling, where it is also based.
Wei, 51, who was appointed chairman in 2007, was also a deputy to the National People’s Congress, China’s top legislature.
Vice Chairman Yang Jun will serve as acting chairman in the interim, the company said.
A string of senior executives of state-owned companies have killed themselves in recent months amid a nationwide crackdown on corruption launched by President Xi Jinping.
Last month, Liu Zhanbin, chairman of Harbin Pharm Group Sanjing Pharmaceutical Shareholding Co, committed suicide while under investigation for alleged corruption, while in January, Bai Zhongren, the president of China Railway Group Ltd, leapt to his death at his home.
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