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A Shanghai court has frozen assets worth CNY1.237 billion (US$181.95 million) owned by Jia Yueting, chairman of cash-strapped TV vendor LeEco, his wife and three of its subsidiaries, according to media reports in China.
The assets were originally pledged as collateral for a batch of loans which LeEco borrowed from offshore financial markets, according to a Chinese-language Economic Daily News (EDN) report.
The loans were due two months ago, and LeEco has failed to make up the payments, EDN said.
Meanwhile, Jia has also stepped down as the legal representative of LeEco’s holding company, Leshi Holding Beijing. Jia has been replaced by Wu Meng, a long-term veteran at Leshi, although Jia remains as executive director, according to China’s National Enterprise Credit Information Publicity System.
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