China - Man loses money in stock market and jumps into steel furnace

[vishwambhar]

the man should have declared bankruptcy , at the most he may have got some jail term .

Maybe he must have taken loans from some goons or some private rogue finance agencies.,... Such ppl won't leave you just because you declare bankruptcy.... Or some time maybe out of pure shame of failure infront of family and relatives.... Many reasons can be behind....

 

[ayodhyapati]

Bankruptcy is illegal

what is the punishment ?

 

[vishwambhar]

I was asking about the young Indian story that @jamahir brings on his comment

Sorry I thought you asked for the article in this thread...

 

[jamahir]

I was asking about the young Indian story that @jamahir brings on his comment

Failure of his startup company. From this article :

A techie working out of Hyderabad, who committed suicide on Wednesday by inhaling nitrogen gas, had meticulously researched painless ways to end his life on the internet. His unusual suicide was the first such case the Hyderabad police has seen.

Lucky Gupta, 34, was driven to despair after his start up – a social networking app called Kqingdom – failed to take off. He left behind a suicide note in which he mentioned that he had found that nitrogen gas asphyxiation was one of the best recommended methods for a painless death. In his note, he also suggested that his family return the gas cylinder he had used to the shopkeeper so that they could collect the security deposit of Rs 5,000 that he had paid.

Start-up failure

According to the Hyderabad police, Gupta quit his job as project manager at a Mumbai-based software firm in 2013 to launch his own company.

Gupta wanted to develop a social networking tool that would beat WhatsApp, and started Kqingdom ITES Pvt Ltd in the last quarter of 2013 with five employees – all fresh computer graduates – in Noida's Sector 12. As work progressed, Gupta registered his company in March 2014 at Hyderabad with himself and his father, Ashok Kumar Agarwal, as directors.

In January 2015, his team developed a social networking app named Kqingdom, which allows users to send text, audio and video messages. The app has some additional features such as a gallery where a user can keep her or his favourite items, rank them and share them with friends. Kqingdom also offers users a share in its profits based on their activity.

In March 2015, Gupta announced the launch of his app for both Android and IOS platforms, but it did not do well. The Kqingdom app is still available for download in Playstore with a mere 1,000 downloads so far.

Depression the cause?

“Lack of sufficient publicity was the main reason for the app's failure,” said a relative of Gupta’s who was present at the techie’s home in Hyderabad’s SR Nagar. “He was also facing financial problems and could not afford the huge sums involved in marketing the app. Users are also too used to WhatsApp and were unwilling to shift to Kqingdom,” said the relative.

“He was in a depression for the past three to four months because his app did not do well in the market,” said MD Waheeduddin, Station House Officer of SR Nagar police station.

Gupta’s uncle Susheel Kumar lamented that his earlier attempts to design software didn’t take off in the market either. “He was a cool, loving and very brilliant guy, affectionate to his parents,” said Kumar. “His parents supported him, both in terms of financial and personal support, when his app failed. He was a genius and always used to develop new software. Unfortunately none of them were successful.”

Gupta purchased the nitrogen gas cylinder from a firm in Balanagar on April 17. “His parents told us that they did not notice the cylinder in his room,” said Waheeduddin. “This is the first time we have seen a suicide of this kind.”

Gupta’s post-mortem report is awaited.

@vishwambhar

A man in desperation...chose to literally jump in molten steel...and u r peddling ur communism ideology over it? This is low and distasteful.

Would these two suicides have happened if China was a real communist society where the traditional money system has been abolished ?

this is what happens when you dont believe in a God

The Taliban, the Lord's Resistance Army and the Bajrang Dal all believe in divinity. Would you like these groups to govern your society ?

 

[Paul2]

what is the punishment ?

Jail, laogai, and if you don't repay after, then again.

 

[Indos]

Failure of his startup company. From this article :

Thanks bro, this is good advice from Paypal co-founder, I think Elon Musk is the main founder right ?

 

[jamahir]

Thanks bro, this is good advice from Paypal co-founder, I think Elon Musk is the main founder right ?

View attachment 730874

Wonderful learnings. Thanks.

Yes, Musk was main founder of PayPal. And during his initial SpaceX time out of the four Falcon 1 rockets launched three failed yet SpaceX stubbornly stuck on and succeeded with number four rocket.

 

[vishwambhar]

Failure of his startup company. From this article :

@vishwambhar



Would these two suicides have happened if China was a real communist society where the traditional money system has been abolished ?



The Taliban, the Lord's Resistance Army and the Bajrang Dal all believe in divinity. Would you like these groups to govern your society ?

Taliban, bajrang dal are all opportunity seeking groups.... They are not God believers..... They are the one who exploits things under the name of god.....

Believing in God simply means JEEYO AUR JEENE DO.....

Taliban and bajrang dal or even Brahmins in India past 60-70 years ago comes nowhere close to above Idea .....All have just exploited the things taking advantage of blind beliefs of common people....

In ohh my god movie Mithun Chakraborty tells Akshay Kumar that INDIA is not a God loving country.... This is just a God fearing country..... What a point.....

We need to stop fearing God and start believing him from the bottom of our hearts..... These goons like bajrang dal and Taliban will be nowhere to be seen.....

 

[JSCh]

First step toward personal bankruptcy system

global.chinadaily.com.cn

The court's ruling in Cai's case provides some references for legislation in the future.​

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First, the court has appointed a qualified accounting firm as the custodian of Cai's property, in order to make sure there is no attempt at concealment.​

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Second, the court has issued a behavior restraining order on Cai, which restrains his high-end consumption and prohibits him from holding management posts in any enterprises.​

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Third, the court has set a 6-year bankruptcy transitional period for Cai, during which time 50 percent of Cai's household income that exceeds 120,000 yuan will be used to pay his creditors. It not only guarantees the basic requirements of Cai and his family, but also safeguards his creditors' interests.​

​

Finally, the court also paid attention to Cai repairing his individual credit record, which stipulates that his personal credit can be recovered three years after the settlement plan is fulfilled.​

Also this, the "scary" social credit system that western media have hype so much about,

Why are 13 million people in China banned from flights and fast trains?

‘Discredited individuals’ in China are barred from taking high-speed trains and flights as part of the country’s efforts to adopt a carrot-and-stick approach to building trustworthiness.

www.scmp.com

As one of 13 million officially designated “discredited individuals”, or laolai in Chinese, on a public database maintained by China’s Supreme Court, 47-year-old Kong is banned from spending on “luxuries”, whose definition includes air travel and fast trains.​

​

For this class of people, who earned the label mostly for shirking their debts, daily life is a series of inflicted indignities – some big, some small – from not being able to rent a place to stay in their own name to being shunned by relatives and business associates. In some places, the telecommunication companies apply a special ringtone to the phone numbers of laolai as a warning.​

​

“It’s even worse than doing time because at least there’s a limit to a prison sentence,” Kong said in a phone interview. “Being on the list means that as long as you can’t clear your debts in full, your name will always be there.”​

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Case in point, his business associates had found out about his status not from the database but from picking him up at the railway station. In China, only those who cannot afford the high-speed train take the slow train.​

​

In order for him to clear his debts, Kong argues, he needs to be able to succeed at his new business, but that is hard to do if prospective partners and customers shun him because of his official status as a “deadbeat”. Kong said he survives on as little as 500 yuan (US$74) a month, living on the outskirts of Beijing.​

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His creditors have little sympathy, saying that he tried every effort to get out of repaying his debts. If he had money to buy an airline ticket, they told the Post, he should pay that back to the ones he owed.​

​

Discredited individuals have been barred from taking a total of 17.5 million flights and 5.5 million high-speed train trips as of the end of 2018, according to the latest annual report by the National Public Credit Information Centre.​

 

[jamahir]

In ohh my god movie Mithun Chakraborty tells Akshay Kumar that INDIA is not a God loving country.... This is just a God fearing country..... What a point.....

And a good point it is.

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@KedarT, sorry forgot to tag you for the OP.

 

[ayodhyapati]

Jail, laogai, and if you don't repay after, then again.

that is really tough .

 

[Beast]

Over leveraging himself and not having safety net is the reason, back in 2008 crash, many americans committed suicide too. And the kind of leveraging I'm seeing in the market now, those days are not too far.

Nonsense. You can install all kind of safety features but this man seeking death will get himself killed no matter what kind of precaution you can implement unless u lock him up on bed.

 

[jamahir]

My proposal of what an economic should be like. Whether for a self-professed communist country or not :

A new economic system for the near-future

Hello, the below idea has been brewing in my head for some time and it came up during recent discussions with @Naofumi and @Soumitra in different threads. I present a new economic system that is needed especially in countries like India and Pakistan where old regressive social mores meet modern...

defence.pk

 

[xyx007]

South China Morning Post, what kind of Chinese media is this not a single post favouring China. The Indian-style blurry image is the Indian media idea, and the Srivastava group propaganda factory beef up the stories. When will we see this newj with ANI rubber stamp?
incompetent Indian crew blocked the Suez Canal for a week, and recently, during a naval exercise with France, the INS Kolkata destroyer fired the missile and hit to own ship. What an Indian navy embarrassment.

 

[ARMalik]

Man in China jumps into steel furnace and dies after reportedly losing money on stock exchange

• A steelworker was caught on surveillance camera jumping into a blast furnace in China, local police have reported
• The man had allegedly accrued large financial losses trading in stocks, his colleagues said

Alice Yan in Shanghai
Published: 2:48 pm, 30 Mar, 2021

A screen shot from a video of a man jumping into a vat of molten steel, in China. Photo: 163.com

A worker at a steel manufacturer in China has taken his own life by jumping into a blast furnace after allegedly losing large sums of money on the stock market, local police said.

The clip is from a recording of a surveillance camera at the Baogang Group, a steelmaker in Baotou, Inner Mongolia, and has appeared online in recent days.

According to a statement issued by the company on Tuesday, Wang Long, a 34-year-old worker at the group’s steel pipe branch, went missing last Wednesday, March 24, when he was on night duty. The company organised workers to search for him.

“We feel deeply sorry for his death. We are proactively appeasing the emotions of his family and carrying out psychological guidance for our workers,” the company said in the statement.

After investigating the case police ruled out murder and determined the cause of death as suicide.

In the short video, Wang is seen taking off his safety helmet and gloves and places them on the ground, and then hesitating for several minutes before jumping into the furnace containing molten steel.

“He just disappeared instantly,” a worker who has seen the surveillance tape told the Xiaoxiang Morning Post.

Wang’s colleagues said he had been trading stocks and futures for a long time. Police said they now believe Wang took his own life because he had a high level of loan debt which he was unable to repay. Wang reportedly lost over 60,000 yuan (US$9,130) alone on Wednesday on the stock market.

In April of last year, a 47-year-old man took his own life by jumping from a high-rise building in a hospital in Putian of Fujian. Police said in a statement that he had lost over a million yuan (US$152,000) on the stock market.

Internet users have been discussing Wang’s death on social media platform Weibo, with the topic having been mentioned more than 45 million times.

“As a leek (synonym for individual stock investors in China) like him, I sympathise with him,” one person commented.

“Life is precious. What a pity that he lost his life at such a young age!”another person wrote.

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Jamahir's comment : This is ridiculous ! Firstly, what is a stock exchange doing in a country that is apparently governed by a communist movement ? Is this incident what is called "Socialism with Chinese characteristics" ? Why should these two men have to commit suicide just because of an artificial thing like money ?

As myself being a communist I cannot respect China if the governance system allows such things to happen.

As usual, Indians have a habit of talking from their behinds.

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India has the highest suicide rate in South-East Asia: WHO