Yidao rebuts mishandling of funds

Updated 2017-04-19 09:31:06 Shanghai Daily

Ride-hailing Yidao Yongche and controlling shareholder LeEco have rebutted accusations from a former senior executive that the company has mishandled funds.

Founder and former Chief Executive Officer Zhou Hang claimed on Monday that Yidao's cash problems was due to its parent company LeEco diverting 1.3 billion yuan (9 million) for other purposes. The money was originally earmarked for Yidao.

Yidao said in a statement that roughly 4 billion yuan had been injected into the car-hailing platform for development.

According to a previous loan agreement, the 1.3 billion yuan under question was part of a 1.4 billion yuan syndicated loan extended to Yidao and automobile business affiliates of LeEco in November. LeEco pledged its property, LeEco Mansion, as collateral for the syndicated loan.

It will continue to protect drivers and riders' interests and ensure the cash problem is solved, LeEco added.

Also in the News

Nicole Kidman Recalls Oscar Glory: Loneliest Time
Showbiz2016/06/16 13:58August 19 2017 02:08:12

Nicole Kidman Recalls Oscar Glory: Loneliest Time

Attending Shanghai International Film Festival, Nicole Kidman talks about her role in "Grace of Monaco".

Labor Day Travel Peak Starts
Also in the News2014/05/01 12:16August 19 2017 02:08:12

Labor Day Travel Peak Starts

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'
Also in the News2014/04/18 13:18August 19 2017 02:08:12

Johnny Depp Delivers a Speech 'Evolve the Future' in 'Transcendence'

Hollywood star Johnny Depp's speech in the upcoming new film "Transcendence" has been disclosed on Friday, April 11th.

Most Watched

News:
China World Business Sports Showbiz Audio
Video:
C4 My Chinese Life The Sound Stage China Revealed Showbiz Video Travel Video
Photos:
China World Fun Travel Entertainment Sports
Travel:
Beijing Shanghai Guangzhou
Lifestyle:
Live Music Opera & Classical Movies Traditional Shows Exhibitions
Learn Chinese:
Chinese Studio Living Chinese Everyday Chinese Just For Fun Chinese Culture Buzzwords