A Chinese court has seized the known assets of LeEco founder Jia Yueting as authorities close in on the erstwhile technology magnate who only a year ago aimed to take on some of Silicon Valley’s biggest names.
The Beijing First Intermediate People’s Court said it had seized millions of dollars worth of shares in Shenzhen-listed LeEco subsidiary Leshi Internet Information & Technology, two homes in Beijing and about Rmb1.3m ($200,000) from a bank account, enforcing a petition filed by Fujian province-based Huafu Securities.
The securities house had sought to recover more than Rmb200m from Mr Jia. But the December 19 ruling, posted to the Beijing court’s website several days later, said the businessman had no other bank accounts, houses or cars to seize.