The Shanghai High People’s Court on account of missed load payments has frozen $82 million in assets of Jia Yueting (Chairman of LeEco). LeEco is already going through a financial crunch they even trimmed down their business operations in India.
The latest news is a big setback to LeEco company, all of you know that the LeEco company was not doing well for quite some time. They were going through a bad phase, they even closed several offices in India and limited the staff to the bare minimal.
Some were hoping that it could be a short term issue, but after this latest news it looks really difficulty for LeEco to come back. As mentioned, a shanghai court has frozen about $180 million worth of assets of Jia Yueting (co-founder / Chairman LeEco), his wife and 3 subsidiaries.
This was connected to the load for LeEco mobile business that the company failed to pay / missed payments. The bank went for legal option after they attempted to recover the interest but failed on several occasions.
Source : NYTimes.