China Railway reassures after president’s death

Source:Global Times Published: 2014-1-6 23:23:01

Bai Zhongren, president of China Railway Group Ltd Photo: Official website of China Railway

China Railway Group Limited said Monday that the company's debts and risks are under control, after its president committed suicide over the weekend allegedly because of the firm's high debts, China News Service reported Monday.

Bai Zhongren, president and executive director of China Railway Group Limited, plummeted to his death from his home on Saturday after suffering from depression for years, according to media reports. China Railway's spokesperson said soon after Bai's death that the company's operations were normal.

"[China Railway] is such a large company, it is very normal for the company's key management to be under pressure," said the firm's spokesperson, Yu Tengqun, who did not comment on whether Bai had indeed suffered from depression.

The company had debt of 408 billion yuan ($67.41 billion), and assets worth 503 billion yuan by the end of September 2013, according to the company's third-quarter earnings report.

The firm had a net earning of 6.3 billion yuan from January to September 2013, the lowest since 2010, the financial report said. The company's shares plunged by 4.2 percent on Monday to 2.51 yuan, the lowest since late July.

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