LeEco Founder Jia Yueting Refuses to Return in China
The founder of the in debt LeEco company has failed to comply with the Chinese authorities’ order to return to the country before the end of 2017. Instead, he will stay in the United States with the explanation that he is still raising funds to finance his electric car project.
With this, LeEco scandals continue, and the company’s future seems increasingly unclear. It is precisely the many debts accumulated by LeEco made the Chinese regulators demand the return of its CEO, Jia Yueting, in order to preserve the interests of the investors.
“I am deeply sorry and blame myself for the negative impact of LeEco’s debt crisis,” he said in the statement that was posted on his official WeChat account on Tuesday.
“The fundraising for Faraday Future in the United States is making significant progress and there are many tasks I need to push forward in order to ensure the production and timely delivery of the FF91,” he said, referring to a luxury electric vehicle (EV) that LeEco is developing with Faraday Future.
In December, a Chinese court placed him on the official black list of people unable to pay their debts, so it is quite likely that behind his refusal to return to the country would be the far more prosaic desire to avoid court.
LeEco, an entertainment, electronics and electric vehicles group, has struggled to pay its debts after rapid expansion into multiple sectors sparked a cash crunch, a plunge in the shares of a listed unit and led to multiple defaults. At its peak LeEco owed creditors 10 billion yuan ($1.54 billion). Source: Reutershttp://szlifestyle.com/sz/2018/01/03/leeco-founder-jia-yueting-refuses-return-china/https://i1.wp.com/szlifestyle.com/sz/wp-content/uploads/2018/01/jia-yueting-faraday-future.jpg?fit=1200%2C767https://i1.wp.com/szlifestyle.com/sz/wp-content/uploads/2018/01/jia-yueting-faraday-future.jpg?resize=180%2C150AUTOautomobiles,cars,China,electromobile,Faraday Future,LeEcoThe founder of the in debt LeEco company has failed to comply with the Chinese authorities' order to return to the country before the end of 2017. Instead, he will stay in the United States with the explanation that he is still raising funds to finance his electric car project. With...Martin JonesMartin Jonesmartinj@szlifestyle.comContributorMartin Jones is a writer at szlifestyle.comszlifestyle.com Tech News, Life Style, Reviews, Videos!