(Yicai Global) Dec. 26 -- Thailand's largest oil company PTT Public Co. [BKK:PTT] has denied speculation that it has invested in Faraday & Future Inc., better known as Faraday Future or FF, an electric vehicle startup backed by controversial Chinese businessman Jia Yueting, founder of financially troubled Leshi Holding. The firm has been embroiled in a series of cash crises and senior manager resignation scandals.

Faraday Future has received over USD1 billion in funding, Jia claimed at an internal meeting on Dec. 13 without giving any further details, the Securities Daily reported. PTT Public Co. was the investor, and China Mengniu Dairy Co.'s [HKG:2319] founder Niu Gensheng acted as the middleman, speculated another media outlet.

The online media outlet the Paper contacted the Thai company and Mengniu Dairy about the matter. PTT made no investment in FF, responded the Thai state-owned listed company. Niu Gensheng has his own investment firm, but it doesn't have any information about the matter, the Chinese dairy producer said.

Adversely affected by a cash crunch at Jia Yueting's Leshi Internet Information & Technology Corp. Beijing, often referred to as LeEco, FF has reportedly suffered cash flow difficulties and a high senior management and staff turnover this year.

Jia originally planned to release the first FF model for mass production by the end of next year. However, the Paper visited the startup's only plant in California, the US, earlier this month and found that there were no production equipment or staff except a security engineer at the factory.