Chinese Steelworkers Murder Boss

china protest urumqi

American CEOs should be grateful that their only big risk is Kenneth Feinberg coming in, ripping up their contracts, and telling them they need to be paid more in stock than in cash.

In China (and in France for that matter, though there they mainly do kidnapping), angry workers at a state-owned steel plant rioted and murdered the boss. The company was due to be bought by a private firm.

The Guardian: The workers are thought to have been fearful of further large-scale redundancies at a company that reportedly axed many jobs only a few years ago. Reports suggest Tonghua has between 20,000 and 50,000 employees.

Millions of people were laid off by state enterprises in the 1990s and workers often complain that they receive little compensation.

The human rights centre said workers were angry that Chen earned about 3m yuan (£267,000) last year while Tonghua’s retirees were given as little as 200 yuan a month.

Update: The merger’s been cancelled.

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