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Chinese Court Seizes Millions in Assets of LeEco Founder as Conglomerate's Troubles Grow (variety.com)
Chinese Internet tycoon and LeEco founder Jia Yueting's ambition to challenge the likes of Apple and Tesla looks even more in doubt after $182 million of his assets were frozen by a Shanghai court following unpaid loans. From a report: Jia and LeEco came in for stinging criticism from Chinese media Wednesday, which warned that the Internet streaming company and hardware manufacturer was set to fall into further trouble, with the asset freeze as only the beginning. LeEco's development "is too big, too quick and too reckless," Beijing Business Today wrote. "Developing TV [programs and TV sets], mobile phones, [electric] cars and sports programs all consume too much cash at the same time. Not only can the capital not sustain these developments; fractures are inevitable in areas ranging from human resources, technology and management." According to the official Xinhua news agency, the Shanghai High People's Court last week ruled in favor of China Merchants Bank's application to freeze $182 million in assets belonging to Jia, his wife and three LeEco affiliates. Further reading: LeEco Said To Lay Off Over 80 Percent of US Workforce, LeEco's CEO Jia Yueting Says Company Overstretched, Now Running Out of Cash, and China's LeEco Calls Off Its $2 Billion Purchase of TV Maker Vizio.
Didn't pay off the right people.
Ve netis bim arnod se tali falmop crup??
I interviewed at Faraday Future in LA. Those idiots tried to stiff ME on the expenses too (and they offered me the job). Looks like they'll get cash any way they can. Moronic. Simply moronic management.
No Chinese company can ever hope to challenge the likes of FB or Apple under the system of government that they have. If it's not something that requires dirt cheap labor or lax environmental regs, forget it. And even those doors are slowly closing for them.
When it comes to the knowledge based economy, China just isn't a player.
Me Chinese. Me play joke. Me go peepee in your coke.
sounds like another company called Hanergy
I know a guy named Jim Chanos, he's been saying China's gonna crash for the past 5 years. People mock him because it didn't happen. I think it will though, eventually.
This is the guy who needs to raise 1 Billion in capital to get Faraday Future going in North Las Vegas, NV...Looks like he's in more legal trouble than he knows what to do with...