(2nd LD) Asset manager found dead in apparent suicide amid financial turmoil

(ATTN: UPDATES from 2nd para with asset manager's name, business activities,
CORRECTS firm name)
SEOUL, Nov. 20 (Yonhap) -- An asset manager was found dead in a Seoul hotel in
what appeared to be a suicide driven by investment losses in the wake of the U.S.
financial meltdown, police said Thursday.
Police found Choi Seong-guk, head of a small investment firm called Saebit Asset,
in a hotel room in Cheongdam-dong, southern Seoul, at 4:55 p.m. on Wednesday
after a hotel clerk called the authorities.
The 55-year-old left a long suicide note addressed to each of his nearly 20
investors, most of whom he has known since college. Police quoted part of the
message as saying: "Having been under pressure from the cash crunch since August
last year from the U.S. subprime mortgage crisis, I worked hard so that my
investors could at least recover their principals. For failing to achieve that, I
am sorry to my friends whom I regard with respect and care. I'd like to pay my
debt back by death."
Choi had checked in on Sunday afternoon. Sleeping pills and liquor were found in
his room along with the suicide note, said officer Choi Yeong-guk of the Gangnam
Police Station.
The hotel clerk had gone into the room as Choi did not emerge at check-out time,
he said.
The extent of Choi's financial losses was not yet known. Choi established the
asset firm in 2000 with funds from about a dozen people he knew from his alma
mater, Inha University.
Investments initially went to alumni launching venture firms, but later expanded
to high-risk trades for bigger earnings. Choi had said in a 2006 interview:
"Putting money into banks for a stable income out of fear of risks, we can never
become rich. Successful businessman build wealth by making investments that carry
certain risks."
Choi was also known for his philanthropic work helping young students. Since
launching his investment business, Choi donated 1.23 billion (US$829,400) to his
alma mater.
hkim@yna.co.kr
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