Yup … spending too much is never good. Especially, when you fail to pay your debts!
A court in Shanghai has ordered $180 million in assets connected to LeEco to be frozen. LeEco has been facing financial difficulties for months and the asset freeze comes in response to a complaint from China Merchants Bank, which hasn’t received adequate payments from the company.
Divisions within LeEco failed to stay on top of their interest payments.
The asset freeze applies to money from co-founder Jia Yueting, Yueting’s wife, and three subsidiaries.
LeEco admitted months ago that it was not in a good financial situation.
Source: Nextpowerup
