(Yicai Global) May 20 -- Chinese streaming platform LeSports has clashed with the founder of its former parent, Le.Com, regarding who signed a contract now worth over one billion US dollars, stipulating terms for a share buyback and should thus be held responsible for it.

Jia Yueting, the former chairman of Le.Com, was not aware of the contract and he did not sign it, The Paper reported, citing a statement from Leshi Holding, a sister firm to Beijing-based LeSports. The deal may be worth CNY11 billion (USD1.6 billion).

Jia raised the funds without getting approval from the firm's shareholders, an executive from Leshi Holding, who wanted to stay anonymous, told The Paper. Jia was on a business trip so he only got to know about the contract via WeChat messaging application, another executive said, adding that the agreement does not have Jia's signature so it is not legally binding.

Jia fled China to pursue his next entrepreneurial endeavors in the US and has not returned to pay his debts in China despite a court order in 2017. 

LeSports agreed with its investors that the company must go public before the end of last year or it will purchase the issued shares within two months, according to the deal penned during the B round of funding in 2016. 

The Beijing Arbitration Commission has ordered Le.Com to buy back its shares. The maximum amount could amount to CNY11 billion (USD1.6 billion), according to a statement released by Le.Com on May 15. 

Editor: Emmi Laine