+ Publish Ad FREE !
Ads stats: last 24h - 50, actual - 1222, total - 89743

LeEco founder Jia Yueting summoned back to China to explain heavy debts

27 December 2017 - Autoblog

LeEco founder Jia Yueting summoned back to China to explain heavy debts

China's securities regulator has formally ordered the founder of indebted tech conglomerate LeEco to return to China and sort out a mounting debt pile linked to his firms, ramping up pressure on the head of the embattled entertainment-to-autos group.

The Beijing branch of the China Securities Regulatory Commission (CSRC) said in a notice late on Monday that LeEco Chief Executive Jia Yueting must return to China before Dec. 31 to "fulfill his obligation" and protect investors' rights.

LeEco, an entertainment, electronics and electric vehicles group founded by Jia, has struggled to pay its debts after rapid expansion into multiple sectors sparked a cash crunch, a plunge in the shares of a listed unit and led to multiple defaults.

The watchdog said it had previously asked Jia to return to China in September, but since then had not seen any action taken by the LeEco founder to comply. It did not specify where Jia was, although he has business interests in the United States.

"Firms you control owe huge amounts to listed companies, which has not yet been returned," the CSRC said. "This behavior seriously harms the legal rights of listed firms and the personal interests of a wide range of investors."

A spokeswoman for LeEco's main listed unit Leshi said Jia's personal behavior would not have a major impact on the listed company's overall operations and his ties with the firm were no longer that close. Jia stepped down as CEO of Leshi in May, but remains the head of parent LeEco.

Reuters could not immediately reach Jia for comment.

Earlier this month, Jia was placed on an official blacklist of debt defaulters, a move taken by Chinese courts to put pressure on people and entities to repay debts.

The recent troubles underscore an abrupt fall from grace of one of China's most prominent entrepreneurs, who created a tech empire ranging from a Netflix-like online content platform to a smart-car unit looking to rival Tesla.

Jia expanded his business from its video-streaming roots 13 years ago to include telephones, televisions and cars, and had even looked to push into the United States. At its peak, LeEco owed creditors 10 billion yuan ($1.53 billion).

Last week, Hong Kong media reported that a local unit of LeEco, LE Corporation Limited, had filed a petition to the territory's high court to wind up the company.

News By Tags

2011 models2012 models3D printing458 italia6-series coupeA1A2abc motorsabu dhabiaccidentaccidentsaccordACIMacuraadvertisingafricaAIairbagairbagsairbusairportalcotestalfaalfa romeoalgeriaalibabaAlmaalpineamazonamphibiousandroidAnil Bachooappappleappointmentsappsapriliaarabiaargentinaarielarnold schwarzeneggerArtashok leylandasiaastonaston martinauctionaudiaudit reportaustraliaAustralian Grand Prixaustriaautoauto industryauto shanghaiauto showauto-écoleautonomous carautonomus carAutopilotautopont DecaenaventadorawardsAxessBagatellebahrain grand prixBAIBaie-du-TombeaubajajBalaclavaBambousBangkok International Motor ShowBangkok Motor ShowBangladeshbatmobilebatterybattlebeachbeachesBeau-BassinBeau-VallonBeaux SongesBeaux-SongesbeetleBeijing Auto ShowBeijing Motor ShowBelgiumBell-Villagebentleybernie ecclestonebetamaxbetamax casebicyclebicyclesbikebikesbiodieselBlue-BaybmwBMW i8boatboatsBogota Auto ShowBois-MarchandBois-Marchand accidentBologna Motor ShowbondboschBPObrabusbrakesbrazilbribebribesbridgebridgestonebrioBritish Grand PrixbudgetbugattiBugatti Chironbugatti veyronbuggybuickburnoutbusbusesbuyingbydcadillaccalebassescamaroCamp-ChapelonCanadacarcar buying tipscar dealerscar importcar marketcar rentcar rentalcar salescar servicecar sharingcar showcar theftcar washcarbon fiberCarPlaycarscartingcascavelleCaudanCCIDCCTVCEBcelebretiescelebritiesCentres De FitnessCESChamp de MarsChamp-de-MarsChemin-GrenierChengdu Motor ShowcherychevroletChevrolet CamaroChicago Auto ShowchinaCHINESE GRAND PRIXChris Evanschryslercitroencivicclassicclassic carclassic carsclassicscommercialcomparisonconceptconceptsconsumer reportsconvertiblecoromandelcorruptioncorvetteCourtCourtsCPBcr-vcrashcrash testcrash testscrossovercrowdfundingCubaCurepipecustom carCUVCWAcyclonedaciadaihatsudaimlerdakardartzdash camdashcamdatsundecongestion routiereDelhi Auto ExpodeloreandesignDetroitDetroit Auto Showdéviationdéviationsdéviations routièresdieseldiesel scandalDIYDLCdodgeDPPdragdrag battledrag racedrag racingdriftdriftingdriver licensedriverless cardrivingdriving licensedriving schooldriving schoolsdriving testdriving tipsdronedronesdrugsdrunk drivingdsDubaiDubai Motor ShowducatiearthquakeEbayebeneecoecologyeconomyelectricelon muskemissionsengen motor showengineenginesEOCethanoletios livaEUEuropeeveventsexpofacebookfakefake policeFast And Furiousfaux permis de conduireFernando AlonsoferrariferryFIAfiatfiestafilmsfinancesfinefinesfinlandFirefiskerfitness centerFlacqFlic-en-FlacfloodFloodsFlorealflying carFond-du-SacFootballForbachForbach accidentforce indiafordford focusFord mustangforest-sideformula1forza motorsportFrancefrankfurtfrankfurt motor showfraudFSCfuelfuel economy scandalfuel pricefuel stationfuel stationsfunnyfutureGaikindo Indonesia International Auto ShowGaikindo Indonesia International Motor ShowgamesgeargeelygenesisGeneva Auto Showgeneva motor showgerman grand prixGermanygirlsgmgodzillagolfgolf carGoodlandsgoodwoodgooglegoogle glassGoProgovernmentgpsgran turismogrand tourgrand-baieGrand-Bassingreat wallgreecegreengreen energygrnoGros-CaillouxGRSE accidentGTAGymkhanahackershakershamannharley-davidsonHatchbackhealthcarehellcatHennesseyherohistoryhitachiholdenHollandHollywoodhondaHonda Briohonda civichonda cr-vHonda HR-Vhonda jazzHong Konghorsepower falsifyinghospitalshot wheelshotelhotelshoverbikehoverboardhow toHuayrahummerhumorhungarian grand prixhurricaneHusqvarnahybridhydrogenhyundaiHyundai CretaHyundai i20Hyundai Konahyundai Santa FeHyundai TucsonHyundai Velosteri3i40ICACiframacIIHSillegal racesillegal racingillegal rallyillegal taxiillegal transportIMCimportindiaIndia Auto ExpoIndian MotorcycleIndian OilindicaIndonesiaIndonesia International Motor Showindonesia motor showinfinitiInfinityinfrastructureinsuranceintelinteriorinteriorsiPadiphoneiranirelandIRPisraelisuzuIsuzu D-maxitaliaItalyjaguarjamesjames bondJames Mayjapanjapaneese carsjapanese carjapanese carsJapanese Grand PrixjazzJDMjeepJeep Grand CherokeeJeep Renegadejeep wranglerJeremy ClarksonjettaJin Feijobskartkawasakikei carken blockKenyakhankiaKia CeedKia ForteKia NiroKia SportageKia StingerKoenigseggkoreaKoshik ReesaulKTMLALA Auto ShowLa MarieLa PrairieLa VigieLallmatielamborghiniLamborghini Aventadorlamborghini huracanLamborghini Uruslancialandland cruiserland roverLand Rover DefenderLarsen & ToubroLaventurelawlawsLe Morneleallegolewis hamiltonlexuslicenselight metrolimousineLionel Messilotuslow cost carLRTluxuryluxury carluxury carsL’EscalierM1m3macondemad maxMadagascarMahebourgmahindramaintenancemalaysiamanmansorymapsMare d’Albertmarketmarketingmartinmarutimaruti suzukiMaruti SwiftmaseratiMatt LeBlancMauritiansmauritiusmaybachmazdaMazda MiataMazda Mx-5mazda3McLarenMcLaren 720smecedesmercedesmetroMetro Expressmexicomichael schumacherMicrosoftMidlandsminiMITDmitsubishiMitsubishi OutlanderMitsubishi PajeroMitsubishi TritonMitsubishi XpandermitsubushiMMMMokamonacomonaco grand prixMont-ChoisyMontagne-BlancheMontebello accidentmontereymoparMoroccomotomoto-écolemotormotor showMotor vehicle test centremotorcyclemotorcyclesmotorsportmotorsportsmotosportmoviesmpvMRAmugenmuscle carMusicmustangmv agustaMVDANADA Auto ShowNandanee SoornackNando Bodhananonascarnavigation systemnavigation systemsNavin RamgoolamNCGNDUNepalnetherlandsnew carnew york auto shownew zealandnfsNHTSANigerianissanissanNissan GT-RNissan LeafNissan Leaf NismoNissan TerranorwayNouvelle-FranceNTANTCNurburgringoff-roadoffroadOlympic Gamesopelpaganipagani huayraPagani ZondaPaillesPakistanPamplemoussespanasonicParisparis motor showparkingparliamentPebble Beachpenaltiespenalty pointsPereyberepermis de conduirePetit-RaffrayPetite-RivièrepetrolpeugeotPhilippinesPhoenixpickuppickupspininfarinapirelliPitonPlace de l’ImmigrationPlaine-des-PapayesPlaine-LauzunPlaine-MagnienplayboyPNQPointe-aux-SablespolandpolarispolicepoliticspollutionPomponettepontiacporscheporsheportPort LouisPort-LouisPoste-de-FlacqPPCPPPprankPravind JugnauthpricepricespriusproguardprotestsprotonPSApublic transportpublict transportQ3qorosQuartier-Militairequatre-bornesr8Raceracingrainrallyramrangerange roverratingsRDArecallrecallsrecordrecordsred bullreduitrenaultRenault Kwidrenderingrent a carrepairreplicaReunionRezvaniRHTRiambelRichard DuvalRichard HammondRiche-TerrerickshawrimacRing RoadrioRipaillesRiviere-des-AnguillesRiviere-du-RempartRiviere-Noireroadroad accidentroad accidentsroad rules & regulationsroad safetyRoad Traffic ActRoad Traffic Amendment Actroadsroads safetyrobberyrobotrobotsroche-boisRodrigo DuterteRodriguesrolls-royceromeorose-belleRose-HillroverRoyal EinfieldRoyal EnfieldRRSRSUrumoursRussiasaabsafetysafety ratingsafety ratingssafety testsafety testsSaint-PierreSainte-Croixsalesamsungsamusao paulo auto showSao Paulo Motor Showsaudisaudi arabiascamscandalscaniaschool busschool vanscooterscootersseatsebastian vettelsecond hand carsecond hand carssecond hand cars importself driving carself-drivingself-driving carself-driving carsSEMASEMA showSeoul Motor Showservice stationsShanghaishanghai motor showshelbyShellshowsingaporeSingapore Grand PrixskodaSlovakiasmartsnakeSobrinho caseSohail Sesungkursolar energysorezesoreze accidentsoulsound systemssouthsouth africasouth koreaspainspare partsspeed cameraspeed camerasspeed limitspeedingsportSportscarspy shotsssang yongSsangYongSt-JeanSt-Julienstar warsstartupstatisticsSTCSte-Croixstreet racingstrikestudysubaruSudhir SesungkursudySunshine AutosupecarssupercarssuprcarssurveySUVsuzukiSuzuki ErtigaSuzuki IgnisSuzuki IntruderSuzuki JimnySuzuki Swiftsuzuki vitaraSuzuki XbeeSwedenswiftSwitzerlandTATaiwantakatatamarintankTanzaniaTarisa Resorttatataxtax fraudtaxestaxiTBStechnlogytechnolgytechnologytenderTerre-RougeTerre-Rouge–Verdunteslatesla model stest driveteststhailandThailand International Motor ExpoThe Grand TourtheftThierry Henryticket pricetipstiresTMRSUtokyoTokyo Auto Salontokyo motor showtoptop geartotaltourismtourism authoritytoyotaToyota AlphardToyota Centurytoyota corollaToyota HiluxToyota Land CruiserToyota RAV4Toyota Rushtoyota supraToyota Tacomatoyota yaristoystoytatrafficTraffic Branchtrailertransformerstransporttransport policetrendsTrianontricksTriolettriumphTrou d’Eau DouceTrou-FanfarontrucktruckstsunamituningTurkeytvstyresUAEuberUBSukukraineunionsuomuralUSused carused car importused carsVacoasVacoas-Phoenixvalettavanvarma caseVeer Luchoomunvehicle inspectionVehiclesvelostervenezuelaVerdunVictoria Bus StationVictoria stationvideoVienna Auto ShowvietnamVintagevintage carsVipervivo energyvolvolkswagenvolvovwwaymoWeatherwheelsWootonWorldyachtyamahayariszagato
Sell Your Car