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Faraday Future Boss Ordered To Return To China To Pay Off Debt 27
Dec
Posted by Brad Anderson in china, CSRC, Faraday Future, LeEco, Reports on 12 27th, 2017


Faraday Future and LeEco boss Jia Yueting may have recently secured a $1 billion investment for his Californian EV startup but he still has a few personal issues plaguing his business ventures.

Reuters reports that Yueting has been ordered by China’s securities regulator to return to his home country and sort out huge debts accrued by his various companies.

In a notice issued to Yueting late on Christmas day, China said be must return to China by December 31 and “fullfill his obligation” and protect investors’ rights. This notice follows on from a similar request in September for Yueting to pay off his debts but that government order went unanswered.

According to the China Securities Regulatory Commission (CSRC), Yueting’s behavior is hurting his companies.

“Firms you control owe huge amounts to listed companies, which has not yet been returned. This behavior seriously harms the legal rights of listed firms and the personal interests of a wide range of investors.”

A spokesman from LeEco claims Yueting’s behavior won’t have a major impact on the company.

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