Chinese Courts Freezes Additional Assets Of Jia Yueting

Yia Yueting’s problems seem to be piling up as of late, as the Beijing court just approved China Construction Bank’s application to freeze 250 million Yuan ($37.2 million) of Yia Yueting’s assets. According to the provided info, Beijing civil court approved of this on July 25, the court basically froze Jia Yueting’s assets, but that’s not all. Assets of Leshi Internet Information & Technology Co. (LeEco’s listed arm), Leshi Holdings and Jia Yuemin (Jia’s elder brother and Heshi Holdings director) suffered the same fate, as their assets got frozen for up to three years.

Now, some of you probably recall that this is not the first time that Yia Yueting’s assets got frozen lately, the same happened in early July, when a Shanghai court ruled in favor of China Merchants Bank’s application, and the bank basically wanted to freeze $182 million in assets which belong to Jia Yueting, his wife and three LeEco affiliates. Problems seem to be piling up, not only for Yia Yueting, but also LeEco, which is obviously cash-strapped following a number of wrong business choices. LeEco basically over-expanded, and that is the main reason why the company is in this situation, as a number of investments did not really help the company. LeEco’s expansion to the US did not go according to plan, and it remains to be seen what will happen next.

Now, as far as Yia Yueting goes, it’s worth noting that he quite as chairman of Leshi last month, and he did the same for his CEO role in LeEco back in May. Yia Yueting is not even LeEco’s chairman any longer, if recent reports are to be believed, though he still owns the majority stake in the company. Both LeEco and Yia Yueting seems to be in deep waters lately, and things are certainly not looking good at the moment, as bad news keep on coming. It remains to be seen if LeEco will be able to find a source of some serious income, and fast, considering that the company was forced to lay off quite a few people in the last couple of months, and it also had to make other business-related cuts. Yia Yueting, did, however, swore that he’ll make sure that the company’s debts are paid, he actually released that statement last month.

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Kristijan has been writing for Android Headlines since 2014 and is an editor for the site. He has worked as a writer for several outlets before joining Android Headlines, and has a background in writing about Android and technology in general. He is a smartphone enthusiast that specializes in Android applications, and that platform in general. Contact him at Kristijan. [email protected]
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