LeEco faces tightening pressure as court freezes another $2.3 billion in assets

Cash-strapped LeEco plunged deeper into crisis as the Shanghai High People’s Court froze 519 million Leshi shares controlled by company chairman, Jia Yueting, over unpaid debts connected to the firm’s smartphone businesses. The shares frozen this time are worth around RMB 15.927 billion ($2.3 billion), calculated at 30.68 apiece, according to an announcement from the firm.

The amount represents 99.06 percent of the total shares controlled by Jia. It is around 26.03 percent of the company’s total share, the statement pointed out. It has been nearly three months after the company suspended its shares from trading on April 16.

This comes right after RMB 1.2 billion worth of assets owned by co-founder Jia Yueting, his wife Gan Wei and three subsidiaries were frozen earlier this week.

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