LeEco Founder's Assets Seized as China Pursues Absent Web Mogul
- Court seizes Jia Yueting’s bank deposits of about $200,000
- The seizure adds to the LeEco founder’s growing list of woes
LeEco Global Group signage is displayed as employees work at the company's headquarters in San Jose, California.
Photographer: David Paul Morris/BloombergA Chinese court has seized all the assets owned by LeEco founder Jia Yueting it could unearth, as the country’s legal bodies step up action against an internet entrepreneur who once declared war on Apple and Tesla Inc.
The Beijing First Intermediate People’s Court seized more than 1.3 million yuan ($200,000) in bank deposits, the court said in a statement posted on its website this week. And it’s eyeing Jia’s shares in publicly listed Leshi Internet Information & Technology Corp. as well as two Beijing properties targeted in previous cases, it said without elaborating. The court said it took action after agreeing to enforce a petition from a securities firm in Fujian proving to recover more than 200 million yuan it claimed Jia owed.