Police are investigating how the head of major sugar firm fell to his death from his 23rd floor apartment in south China.
A police spokesman in Zhanjiang, a port city in Guangdong Province, said a man died after falling from a residential building in Xiashan District around 5 p.m. on Wednesday.
The man was later identified as Pang Guixiong, 46, a native of Potou District, Zhanjiang, who was chairman and president of Guangdong Zogood Group.
Sources within the company said Pang was under increasing pressure from a growing number of creditors for immediate repayment of company debts, believed to total about 1 billion yuan.
A source said the group had suffered heavy losses after investing in futures trading. In January, the sugar price was about 5,300 yuan a ton, but it has since dropped to 2,800 yuan a ton.
Last year the group also invested heavily in infrastructure to boost production.
Zogood is a conglomerate that covers sugar plantations, production, transport, storage, product development, and marketing.
It runs six sugar refineries in Guangdong and neighboring Guangxi Zhuang Autonomous Region, and has leased 100,000 hectares to grow cassava and sugarcane in Laos. The group has 1.38 billion yuan (197 million US dollars) in assets and employs 2,600 people.
Police are still investigating the cause for Pang's death, but sources in the company said he had been suffering from severe stress as Zogood caused by mounting debts and diminishing revenues.
The police have frozen all Zogood assets as the investigation continues.
Source:Xinhua
|
Comment
Tell A Friend
Print Format
Save Article