Jia Yueting demands time for LeTV to repay its debt

Editor’s note: A version of this post by Xu Wei first appeared on Yicai Global.

Jia Yueting, founder of LeTV Holdings (Beijing), said in a statement today that he will undertake all responsibility for the company’s employees, users, clients, and investors. LeTV’s suppliers are recovering debts from the company, he claimed.

Jia underlined that he remains LeTV Holdings’ executive director and the biggest shareholder. Resigning from his position as the CEO and even other more important positions are just to advance the mass production of FF 91 as soon as possible, he claimed.

LeTV will continue to roll out the best products. And the company will proceed with its car program according to its pre-set strategy. Even if there is a main bank run on LeTV, it will never give up its dream of revolutionizing the automobile industry, he remarked. Jia asked everyone to give some time to LeTV and its car program, claiming that LeTV will repay all its debts to financial institutions, suppliers, and any other parties.

LeTV was pulled into a new round of crisis after a court has frozen assets worth RMB 1.237 billion owned by Jia Yueting, his wife, and three LeTV-related companies. Some media reported that debt collectors, including suppliers, swarm into LeTV’s headquarters every day to require the company to repay debts. At first, security guards stopped suppliers from entering the offices but later turned a blind eye to it, said media reports.