A state-owned steelmaker in China’s northeastern Liaoning province has defaulted on a Rmb852m ($131m) corporate debt days after its chairman was said to have committed suicide.
Yang Hua, 53, who also acted as the Communist party secretary of Dongbei Special Steel, was confirmed dead on March 25 by the company’s website, a day after police received reports that he had hanged himself at his home.
Mr Yang joined the Dalian-based steelmaker in April 2015 from his role as deputy chairman of Anshan Steel. His death was cited by China Development Bank, which underwrote the debt, as a factor in Dongbei’s default.
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