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在线翻译:
szdaily -> Markets
LeEco founder placed on debt blacklist
    2017-December-14  08:53    Shenzhen Daily

THE high-profile founder of struggling Chinese tech conglomerate LeEco has been placed on an official list of debt defaulters after failing to comply with a court order, according to domestic media reports yesterday.

Jia Yueting had his name and ID number splashed on the defaulter website on Monday after failing to satisfy a court order to pay Ping An Securities Group (Holdings) Ltd. more than 470 million yuan (US$71 million), according to the reports.

The news is the latest setback for a business leader who once dreamed of creating a Chinese tech juggernaut combining the attributes of Netflix, Apple and Tesla.

Jia was ordered to pay Ping An Securities 465 million yuan Sept. 28 after a hearing at Beijing No. 3 Intermediate People’s Court, according to a website operated by the Supreme People’s Court.

Jia was also ordered to pay a fine for breaking a contract and failing to pay notarization and legal fees. So far, neither payments have been met, according to the posting.

Jia’s financial difficulties have been in the news since late 2016, after LeEco’s debt-driven expansion led to a cash crunch, share price plunge and multiple defaults.

One of China’s best-known entrepreneurs, Jia expanded his business from its video-streaming beginnings 13 years ago to include telephones, televisions and cars. At its peak it owed 10 billion yuan.

He was still talking about his dream to “revolutionize the auto industry” after he stepped down in May as CEO of the group’s main listed unit, Leshi Internet Information & Technology Corp. Beijing.

People named on the default list can be barred from taking up executive positions in firms, purchasing airline and high-speed train tickets, and even shopping online for luxury items.

The Supreme People’s Court set up the debt defaulter website in 2013 to speed up compliance with verdicts and make court work more transparent.

(SD-Agencies)

 

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