Internet entrepreneur outed for defaulting
Jia Yueting, the founder of Chinese internet company LeEco — a onetime technology success that’s now facing a severe cash crunch — has been placed on a national list of debt defaulters after failing to comply with a court order. Information on Jia, including his name and ID number, were disclosed on the defaulter website on Dec 11 after he failed to comply with a verdict by Beijing No 3 Intermediate People’s Court. Jia had been ordered to pay Ping An Securities more than 470 million yuan ($71 million; 60 million euros; £53 million), including a fine for breaking a contract. He was also ordered to pay notary and legal fees. The Supreme People’s Court set up the debt defaulter website in 2013, aiming to speed up compliance with verdicts through a blacklist and make court work more transparent. Those listed face restrictions such as bans on the purchase of tickets for airline flights or high-speed trains, as well as high-end luxuries online.