In­ter­net en­tre­pre­neur outed for defaulting

China Daily European Weekly - - New Digest -

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.

Newspapers in English

Newspapers from China

© PressReader. All rights reserved.