Court to freeze LeEco and founder assets

A Beijing court has approved China Construction Bank (CCB)’s application to freeze the assets of LeTV Holdings and LeEco founder Jia Yueting, with a total value of RMB 250 million ($37.2 million), local media is reporting (in Chinese).

The Beijing civil court ruled on July 25 that assets owned by Jia, Leshi Internet Information & Technology Co., Leshi Holdings, and Jia Yuemin, Jia’s elder brother and Leshi Holdings director can be frozen for up to three years.

It’s been one month since another Chinese court ordered Jia’s assets frozen. On July 5, Shanghai High People’s Court froze 519 million LeTV shares worth around RMB 15.927 billion ($2.3 billion), calculated at 30.68 apiece. The court carried out this order on behalf of China Merchants Bank.

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