Last week, it was reported that the Chinese Securities Regulatory Commission asked LeEco’s founder Jia Yueting, to return to China before December 31. Today is 2nd of January, and Mr. Yueting hasn’t returned to Asia.
In an official response to the order via his Weibo account, Jia Yueting said he needs to remain in the US to oversee his electric car startup, the Faraday Future. In his place, he has sent his brother Jia Yuemin, and wife Gan Wei home to sort out matters.
The order to return to China was due to failure of Mr. Yueting and his sister to provide loans promised to Leshi Internet Information and Tech. Co.. Leshi and its sister company LeEco are in debts and have been unable to pay its suppliers and loans.
In the post, Jia apologized for the debts and said he is working with the company to repay. He added that his brother has met with regulators on December 29 to also discuss the mater. He continues in the post that “The financing of U.S.-based FF has made great progress and there is immense work that requires me to guarantee on-time mass production and delivery of FF 91 EV,”.