December 13, 2017 / 1:31 AM / 2 years ago

Founder of China's embattled LeEco placed on debt blacklist - China Daily

SHANGHAI, Dec 13 (Reuters) - The high-profile founder of struggling Chinese tech conglomerate LeEco has been placed on an official list of debt defaulters after failing to comply with a court order, the state-run China Daily newspaper reported on Wednesday.

Jia Yueting had his name and ID number splashed on the defaulter website on Monday after failing to satisfy a court order to pay Ping An Securities Group (Holdings) Ltd more than 470 million yuan ($71 million), the paper said.

Representatives of LeEco and Jia were not immediately available to comment on the report.

The entertainment, electronics and electric vehicles group has struggled to pay its debts after rapid expansion led to a cash crunch, share price plunge and multiple defaults.

One of China’s best-known entrepreneurs, Jia expanded his business from its video-streaming beginnings 13 years ago to include telephones, televisions and cars. At its peak it owed 10 billion yuan.

He was still talking about his dream to “revolutionise the auto industry” after he stepped down in May as CEO of the group’s main listed unit, Leshi Internet Information & Technology Corp Beijing.

People named on the default list can be barred from taking up executive positions in firms, purchasing airline and high-speed train tickets, and even shopping online for luxury items.

The Supreme People’s Court set up the debt defaulter website in 2013 to speed up compliance with verdicts and make court work more transparent.

Media reported in August that LeEco was in the midst of paying back an overdue loan and was discussing repayments of a larger loan with China Construction Bank Corp. ($1 = 6.6210 Chinese yuan renminbi) (Reporting by Engen Tham; Editing by Stephen Coates)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below