Technology tycoon Jia Yueting, the founder of LeEco, has defied an order from Beijing’s securities regulator to return to China to deal with mounting debts, Yicai.com reported.
Jia responded with a message on social media, saying that his wife and brother are in China with authorization to act on his behalf. While he needs to stay in the US to take care of his electric car business.
However, his promise failed to gain the trust of shareholders in Le.com, also known as LeTV, a related company of LeEco also founded by Jia and publicly traded on the Shenzhen Stock Exchange.
Le.com said in an announcement that there is no substantive solution to the debt problem as of yet.
Insiders at Le.com said that the company will go all out to order Jia to fulfull his responsibilities, as his current status is one of the major shareholders of the company.
Currently, Le.com is indefinitely suspended from trading.