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China's LeEco confirms that assets have been frozen

Published Wed, Jul 5, 2017 · 09:50 PM
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Shanghai

ASSETS linked to Chinese tech giant LeEco have been frozen in a dispute with a creditor, a unit of the troubled company has confirmed, highlighting the firm's perilous financial state.

Chinese financial magazine Caixin first reported on Monday that a Shanghai court had ordered the freezing of 1.237 billion yuan (S$252 million) in assets connected to LeEco, its subsidiaries, and billionaire founder Jia Yueting. The court ruling was in response to legal action brought by China Merchants Bank over unpaid loans to a LeEco smartphone unit, Leview Mobile.

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