(Yicai Global) Dec. 12 -- A Chinese court has barred Jia Yueting, the debt-ridden Leshi founder who absconded to the US, from staying in hotels with a star rating, vacationing and taking a plane or a high-speed train in China.
A securities company filed documents with the court on Sept. 4, requesting Jia make good on his debts. The court has limited his consumption as he has failed to comply with court orders, Sohu Business reported today.
Jia had secured CNY11.61 billion (USD1.75 billion) in financing by the end of last year by pledging 566 million shares in Leshi Internet Information and Technology Corp., Beijing [SHE:300104] in deals involving 15 financial institutions. The pledges have expired.
The court included Leshi Holding (Beijing) Co. in its list of dishonest executors in September, when rumors that authorities would restrict Jia’s consumption made the rounds.
Jia left for the US in July and has not returned to mainland China since. He once said that he made his trip to concentrate on developing Faraday & Future Inc., a US-based electric car company he backed. Many believe his real intention was to avoid debt.