Lee Hyo-sik is Finance Desk editor at The Korea Times. He manages finance-related stories on macroeconomics, banks, stocks, bonds, crypto etc. He is passionate about covering what's happening in Korea's financial industry and explaining it to both Korean and non-Korean readers. You can reach him at leehs@koreatimes.co.kr. Your insights and feedbacks are always appreciated.
Investors commit suicide due to stock market plunge
By Lee Hyo-sik
The country is witnessing the repeat of what was a serious social problem during the 1997-98 Asian currency crisis and the 2008 global financial turmoil: a chain of suicides by stock investors who suffered huge financial losses due to volatile markets.
As the Korean equity market was heavily impacted by the U.S. credit rating downgrade and the European debt crisis over the past two weeks, retail investors have lost huge amounts of cash. For some, the losses were too severe to endure, driving them to take the most extreme measure.
The latest in a series of suicides by money-losing retail investors was a 37-year-old man who killed himself by inhaling toxic fumes coming from burning coal briquettes inside his car.
Police in Okcheon, North Chungcheong Province, said Friday that the man’s coworker found him dead inside the vehicle at around 5 p.m. Thursday and reported it to law enforcement authorities.
Officers secured testimony from bereaved family members that the man sustained huge financial losses amounting to hundreds of millions of won from investment in stocks as a result of the recent market crash.
“It is unfortunate that a growing number of people are taking their own lives due to the stock market plummeting. More people could follow suit across the country. Family members and friends should pay close attention to prevent those struggling with investment losses from taking extreme measures,” a police officer said.
On the same day, another 37-year-old man was found after he hung himself in a motel room in Asan, South Chungcheong Province.
His wife called 119 emergency services earlier to report that her husband left the house after saying he was going to kill himself. Rescue workers traced his cellular phone signal but by the time they arrived at the scene, he was already dead.
Police said the man, who did not have a stable job, ended up owing over 100 million won after his equity investment went sour.
On Wednesday, a 47-year-old man was also found dead at 10:30 p.m. in the flower bed of an apartment building in Cheongju, North Chungcheong Province. Police said he was suspected to have jumped from the roof.
Officers had been searching for him after receiving a report from his brother that he had left a note in which he said he apologized to his family. According to his brother’s account, he had been in agony for days due to investment failures.
On Aug. 10, a 48-year-old employee of a local securities firm in Daegu committed suicide by jumping from an apartment roof.
His body was found by a patrolling security guard. Police said the deceased, surnamed Seo, sent a text message to his wife, saying he was in distress as his clients lost large sums of money amid the ongoing stock market tumble.