Courts Freeze Yet More Assets Belonging to LeEco and Founder Jia Yueting Over Unpaid Loans
Song Yikang
DATE:  Aug 02 2017
/ SOURCE:  Yicai
Courts Freeze Yet More Assets Belonging to LeEco and Founder Jia Yueting Over Unpaid Loans Courts Freeze Yet More Assets Belonging to LeEco and Founder Jia Yueting Over Unpaid Loans

(Yicai Global) Aug. 2 -- Another major commercial bank has demanded the repayment of LeEco loans after China Merchants Bank's [SHA:600036] request to freeze assets worth CNY1.2 billion (USD182 million) belonging to founder Jia Yueting, his wife, and three of the firm's subsidiaries.

On July 24, China Construction Bank Co.'s [SHA:601939] Beijing Guanghua branch applied for courts to freeze CNY250 million (USD36.8 million) worth of assets belonging to LeEco's listed arm, Leshi Internet Information and Technology Corp. Beijing [SHE:300104], the conglomerate's holding company Leshi Holding Beijing Co., Jia Yueting and his older brother Jia Yuemin who is also director of Leshi Holding.

The grounds for the request were disputes over loan agreements.

The court agreed to freeze the defendant's bank deposits for one year, freeze possessions for two years and real estate and other property rights for three years.

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Keywords:   MSCI,LEECO,LETV,CCB,Court Ruling,Litigation,Property Preservation