The hole keeps getting deeper...

Jia Yueting, the ambitious founder of LeEco and a primary financial partner of Los Angeles-based electric vehicle start-up Faraday Future, just had his remaining assets seized in China. The move comes as yet another blow to Jia’s wide-ranging collection of business interests around the world.

Continue reading for the full story.

The Full Story

Chinese Court Seizes Assets Of Faraday Future Financier Exterior Computer Renderings and Photoshop
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Jia's assets were seized following a claim from Huafu Securities to enforce a previous court order, and it is said Jia still owes roughly 202 million yuan to Huafu Securities

Jia Yueting’s legal difficulties just seem to be multiplying, After receiving an order to return to his homeland of China to settle the huge debts accrued by his various companies, Bloomberg reports that Beijing First Intermediate People’s Courts seized all of Jia’s remaining assets, including some $200,000 in bank deposits. The court is also looking into two properties Jia owns in Beijing, as well as his shares in the publicly traded Leshi Internet Information & Technology Corporation, part of the LeEco corporate umbrella.

LeEco is also the primary financial partner of Faraday Future, the EV startup that put out concepts like the FF 91.

Chinese Court Seizes Assets Of Faraday Future Financier Exterior Computer Renderings and Photoshop
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Faraday Future managed to cobble together some $1 billion from unnamed investors.

Jia’s assets were seized following a claim from Huafu Securities to enforce a previous court order, and it is said Jia still owes roughly 202 million yuan (nearly $31 million at current exchange rates 12/28/2017) to Huafu Securities.

Jia’s current whereabouts are unknown, although he was said to be part of a recent announcement which stated that the beleaguered Faraday Future managed to cobble together some $1 billion from unnamed investors.

Jia’s business interests started with streaming Internet media, but very quickly expanded to include mobile phones, TVs, and of course, electric cars.

References

Chinese Court Seizes Assets Of Faraday Future Financier Exterior Computer Renderings and Photoshop
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Read our full review on the 2018 Faraday Future FF 91.

Source: Bloomberg

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