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Chinese Court Freezes LeEco Assets Over Late Debt Payments

  • Merchants Bank says it’s trying to claim overdue interest
  • Freeze also applies to Jia Yueting’s personal assets
Updated on

LeEco is trying to resolve a dispute with one of China’s largest banks over unpaid interest on debt, a spat that’s prompted a Shanghai court to freeze 1.24 billion yuan ($182 million) of assets held by the tech conglomerate and its billionaire founder Jia Yueting.

The ailing firm’s disagreement with China Merchants Bank Co. arose over loans to a smartphone subsidiary called Leview Mobile, both companies said separately Tuesday. That unit ignored several requests for interest payments, the lender said. It eventually went to a court in Shanghai, which then ordered the freeze on assets held by three LeEco affiliates, Jia and his wife, according to the Xinhua News Agency.