HR NEWS

LeEco founder Jia Yueting’s assets seized as China pursues absent web mogul

LeEco founder Jia Yueting’s assets seized as China pursues absent web mogul

A Chinese court has seized all the assets owned by LeEco founder Jia Yueting it could unearth, as the country’s legal bodies step up action against an internet entrepreneur who once declared war on Apple and Tesla Inc. The Beijing First Intermediate People’s Court seized more than 1.3 million yuan ($200,000) in bank deposits, the court said in a statement posted on its website this week. And it’s eyeing Jia’s shares in publicly listed Leshi Internet Information & Technology Corp. as well as two Beijing properties targeted in previous cases, it said without elaborating. The court said it took action after agreeing to enforce a petition from a securities firm in Fujian proving to recover more than 200 million yuan it claimed Jia owed.

The seizure deals yet another blow to the outspoken founder of a Netflix-style service who expanded aggressively into smartphones and automobiles by borrowing heavily against equity, then faced a serious cash crunch. LeEco’s founder eventually shifted his focus to U.S.-based electric car startup Faraday & Future Inc., which was said to have struggled to raise cash. This month, the country’s highest court placed Jia on a public list of bad debtors and China’s markets watchdog demanded he return to deal with Leshi’s financial woes.

“Jia Yueting has no other bank deposits, housing registration records or automobile registration records that the court can execute upon,” the Beijing court said in its statement.

The court didn’t outline specifics of the Fujian brokerage’s complaint except to say it involved an alleged failure to honor obligations. A LeEco representative said she had no knowledge of the matter.

Leshi Internet remains the largest listed vehicle in the LeEco empire but has been suspended from trade since April. The China Securities Regulatory Commission said this week that despite repeated calls from the regulator, the founder has yet to show up and deliver on a promise to provide interest-free loans to the Shenzhen-listed firm mired in a “huge amount of debt.”

It’s not clear where Jia is, though Faraday has operations in the U.S. Chinese media including the Securities Daily reported he told a staff meeting earlier this month that Faraday had managed to raise more than $1 billion in Series A financing, without naming his investors.

Source: Financial Express

10 months ago

By Padkaneya


Social Share : Share      

Comments.....

Submit new comment

Most Viewed

World’s 500 richest people have lost combined 107 billion USD this week...

7 months ago

More baby girls than boys die in India, says UNICEF report...

7 months ago

"Gulf 23" kicks off with superb inaugural ceremony ...

10 months ago

AK Chaudhary to take over as SAIL chief...

7 months ago

Argos drivers’ strike over holiday pay and overtime called off - UK HR News...

2 years ago

Intel appoints Prakash Mallya as MD, South Asia...

2 years ago

24 unbelievable excuses employees have given for skipping work...

2 years ago

Microsoft co-founder Bill Gates hails India’s expertise in public health but cal...

5 months ago

Poor dental health ups frailty risk in older men, says study...

9 months ago

South East Central Railway Recruitment 2018: Applications invited for 329 posts ...

2 months ago

Most Shared

Mass redundancies for Quebec cookie factory...

2 years ago

Trump this: 5 bold predictions for how he’ll impact HR...

2 years ago

InfoTycoon appoints existing President and COO Kevin George to succeed James Dav...

2 years ago

Sushant Dwivedy joins Aspiring Minds as SVP-Enterprise Client Solutions...

2 years ago

Uber introduces special reward programme...

2 years ago

Standard Chartered Bank to reduce 10% corporate & institutional banking staff...

2 years ago

National CineMedia (NCM) creates Affiliate Partnerships team, names Stacie Tursi...

2 years ago

OCC Names New CFO, Treasurer, and Chief Compliance Officer...

2 years ago

Beards at work are now a major turn-off say 61% of female office workers...

2 years ago

First female fast jet pilot of Britain hired as director at PwC...

2 years ago