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Compal Electronics, in response to media reports that its client LeEco has run into financial difficulties, has disclosed it has already started receiving payments from the China vendor since mid-November under a scheme both sides have agreed on.
The Taiwan-based ODM maintained that the payment scheme has been implemented smoothly.
The total account receivable from LeEco stood at NT$8.29 billion (US$263 million) as of the end of September 2016, and NT$4.25 billion was overdue by 1-180 days, Compal said.
Compal said it has already set aside a bad debt reserve of NT$360 million in the third-quarter financial report.
The components of smartphones procured by LeEco and stored at Compal’s factories have a total value higher than the overdue accounts receivable from LeEco, Compal noted.
Compal is one of the two ODMs for LeEco own-brand smartphones.
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