Pressure piles on China's LeEco as bank seeks to have assets frozen [Reuters]
CHINA MOBILE (CHL)
US:NYSE Investor Relations:
chinamobileltd.com/en/ir/reports.php
Company Research
Source: Reuters
Pressure piles on China's LeEco as bank seeks to have assets frozen TAIPEI/BEIJING Chinese tech group LeEco, which has interests ranging from smart cars to online content, is facing growing pressure from its creditors and business partners, with one bank wanting some of its assets frozen by a Shanghai court over late payments. The latest financial woes have surfaced days after its founder and CEO Jia Yueting said the conglomerate's cash problems were "far worse than expected" and that billions of dollars in funds raised in recent months were not enough to help it ride out the crunch. China Merchants Bank Co Ltd said in a statement on Tuesday it had applied to have some of LeEco's assets frozen because a subsidiary, Leview Mobile HK Limited, had been late on making interest payments on a loan. "CMB's Shanghai branch repeatedly urged repayment without success and so sought to use legal means," the bank said, adding it now had risks related to the loan under control and did not rule out
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