LeEco Founder Jia Yueting Added To The Blacklist Of Debt Defaulters In China

The founder and former CEO of LeEco Mr. Jia Yueting, has been added to the blacklist of debt defaulters in China. This came after a Beijing court confirmed that the former LeEco boss has failed to settle the debt of around $72 million to owed to the Ping An Securities Group, an investment company that belongs to China’s second-largest insurer. 

According to the Chinese media, the LeEco founder’s name is now listed among other debt defaulters on shixin.court.gov.cn and his name is easily searchable by anyone due to his popularity. Also included in the list are the two subsidiaries LeEco, LeShi Holding and LeShi Yidong. 

The list was introduced back in 2013 by the China’s Supreme Court to publicly reveal and shamed debt defaulters. Those found on the list are banned from travelling by airplane or use first-class service on bullet trains in China. Also they are ban from using other luxuries such as premium hotels and golf courses. The are not allowed to invest in properties and their children are barred from studying at private schools.

Yueting had a net worth of $6 billion two years ago, but it has reportedly fallen to $3.8 billion in March this year. The billion has been living in the US and has not been seen publicly in China since March this year. Earlier this year, he resigned his position as chairman of LeShi Internet Information and Technology so that he could concentrate on the auto unit of LeEco.

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