LeEco founder sends letter to CSRC to explain debt plan

Updated 2018-01-03 10:00:20 Global Times

Jia Yueting, founder of LeEco Group, responded to an order issued by the Beijing branch of the China Securities Regulatory Commission (CSRC) via an open letter on Tuesday, saying that he has entrusted his family to deal with the listed company's debts, media reports said.

Jia said he has entrusted Jia Yuemin, his elder brother, and Gan Wei, his wife, to communicate with the CSRC over his rights as a shareholder in the listed company and to carry out related responsibilities, thepaper.cn reported on Tuesday.

Gan Wei updated her Weibo account on Tuesday, confirming that she has been entrusted by Jia to solve the debt problems.

Gan also stated that Jia has paid 2 billion yuan (7 million) in taxes, that the company's pledge loan balance is currently 6.9 billion yuan, and that guarantees for the company amount to more than 10 billion yuan.

The CSRC Beijing Bureau told the Global Times on Tuesday that the office will post a decision regarding Jia's response on its official website.

Leshi Internet Information & Technology Corp, the listed arm of LeEco, also commented following Jia's open letter, saying that the company has been pushing to solve its debt issues with non-listed entities, so as to resume its normal operations, eastmoney.com said.

Jia has repeatedly promised to do his best to settle the debts attached to the company and to make up for the impact and losses caused by ineffective management.

In the letter, he apologized to society, the government, investors, shareholders, services suppliers and employees while also promising to fulfill his responsibilities as a shareholder.

He also said he will discuss proposed solutions for the debt issues with employees of the firm.

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