×
You will be redirected back to your article in seconds

Chinese Court Orders Further Asset Freeze for LeEco Boss Jia Yueting

Cash-strapped Chinese entertainment and tech group LeEco is facing a new round of court challenges. A Beijing court has approved China Construction Bank’s application to freeze $37.2 million (RMB250 million) of assets belonging to founder Jia Yueting.

According to two judgment papers, a Beijing civil court ruled July 25 that assets owned by Jia, Leshi Internet Information & Technology Co. (the listed arm of LeEco), Leshi Holdings, and Jia Yuemin (Jia’s elder brother and Leshi Holdings director) can be frozen for up to three years.

It was the second time in a month that a court has ordered Jia’s assets frozen. In early July it emerged that a Shanghai court had ruled in favor of China Merchants Bank’s application to freeze $182 million in assets belonging to Jia, his wife and three LeEco affiliates.

Last month, Jia quit as chairman of Leshi, following his resignation from the listed company’s CEO role in May. Two weeks ago, Sun Hongbin, chairman of Sunac China Holdings Ltd., which has acquired 13 culture and tourism projects from Dalian Wanda, was named chairman of Leshi.

More Biz

  • Everybody Changes

    New Cadence Productions Acquires Domestic Rights to Panama's 'Everybody Changes'

    New Cadence Productions has acquired North American rights to the transgender family drama “Everybody Changes,” Panama’s official selection for the 92nd annual Academy Awards. The movie from writer-director Arturo Montenegro tells the true story of a Panamanian couple with three children who grapple with the father’s decision to come out as a transgender woman. “Everybody [...]

  • Assistant Attorney General, Antitrust Division nominee

    Justice Department Moves to End Paramount Antitrust Decrees

    The Department of Justice will seek to end the Paramount consent decrees, the landmark agreements that have barred studios from owning theaters for the last 70 years. Makan Delrahim, the head of the department’s antitrust division, made the announcement Monday in a speech to the American Bar Association fall forum on antitrust. He argued that [...]

  • Viacom HQ LA

    ViacomCBS Sets HR and Inclusion Chiefs

    ViacomCBS has named corporate heads of HR and inclusion as the companies prepare for the merger that is set to close early next month. The soon-to-combine Viacom and CBS have tapped Nielsen alum Nancy Phillips to serve as exec VP and chief people officer. Viacom alum Marva Smalls will serve as global head of inclusion, [...]

  • Sony Pictures Studio Culver City

    Sony Pictures Entertainment Buys AT&T's Stake in Game Show Network

    Sony Pictures Entertainment has bought out AT&T’s minority interest in Game Show Network for about $500 million. The deal makes Sony the sole owner of GSN. AT&T had owned 42% of the company, which the telco giant inherited with its purchase of DirecTV in 2015. AT&T has been on a mission this year to pay [...]

  • John Malone

    John Malone Boosts Stake in Discovery With $75 Million Stock Purchase

    John Malone has upped his stake in Discovery Inc. by purchasing $75 million worth of stock on the open market. Malone picked up just under 2.7 million shares in Discovery at $28.03 on Nov. 14, according to a Securities and Exchange Commission filing. Malone was already the company’s single-largest individual shareholder who holds super-voting shares [...]

More From Our Brands

Access exclusive content