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LeEco CEO Defies China’s Order to Return, Stays in US

Jia Yueting stays put to complete $1B in fund raising for Faraday Future.

by on Jan.02, 2018

Chinese billionaire Jia Yueting has money riding on both LeEco and Faraday Future.

Jia Yueting, CEO of Faraday Future, defied orders to return to China and meet with federal regulators there concerning the company’s debt, deciding instead that the company’s financial future was here and now in the U.S. raising funds for the beleaguered start-up automaker.

The China Securities Regulatory Commission ordering Jia Yueting to return to China to address mounting debt from LeEco – he’s the CEO – to protect investors’ rights. Instead Yueting sent his younger brother, Jia Yueming, to meet with the government officials, explaining he needed to remain in the U.S. to wrap up deals to secure the $1 billion in funding that Faraday needs.

Electrifying News!

“I am deeply sorry and blame myself for the negative impact of LeEco’s debt crisis,” he said in the statement that was posted on his official WeChat account, according to Reuters.  (more…)