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. Read more of this story at Slashdot.
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Chinese Court Seizes Millions in Assets of LeEco Founder as Conglomerate’s Troubles Grow