German billionaire Adolf Merckle threw himself under a train after his business empire suffered financial losses brought by the current global financial crisis.
The 74-year-old’s body was found Monday night on railway tracks at Blaubeuren in southwestern Germany about 300 yards from his villa. Prosecutors in nearby Ulm described the death as a “railway accident” and said there was no evidence that anyone else was to blame. A suicide not has also been found.
“The desperate situation of his companies caused by the financial crisis, the uncertainties of the last few weeks and his powerlessness to act, have broken the passionate family entrepreneur and he took his own life,” a family statement said.
Merckle, whose business empire included interests ranging from pharmaceuticals and cement to VW cars, was the world’s 94th-richest person in 2008 according to Forbes magazine.
The empire had suffered heavy losses after his family made wrong-way bets on Volkswagen shares, which soared in October when fellow car maker Porsche SE moved to increase its stake in the company.
The family had been under pressure to sell assets or seek loans and the family has been in talks with banks for weeks.
The father of four strove to avoid publicity. He enjoyed family life, skiing and mountain climbing. The modest mogul avoided displaying his wealth; he rarely threw parties and did not own fast cars or a yacht.
