Adolf Merckle, the German family business tycoon, committed suicide on Monday it has been confirmed.
In a statement, his family said "the desperate situation of his companies, caused by the financial crisis, the uncertainties of the last few weeks and his powerlessness to act, broke the passionate family entrepreneur and he took his own life."
The 74-year-old, who is Germany's fifth richest individual with an estimated fortune of €7 billion, made a series of bad financial bets that left his investment company, VEM, owing banks €5 billion.