Founder of troubled LeEco refuses to return to China
The founder of LeEco has reportedly refused to return to China to answer questions about his company's perilous financial situation. Reuters believes that Jia Yueting, who was ordered to return to his homeland by China's Securities Regulatory Commission has opted to remain in the US. In a statement, the elusive figure said that he was focused on fundraising for the LeEco-affiliated Faraday Future and couldn't travel. Consequently, Jia sent his brother, Jia Yuemin, to report back to authorities. LeEco began as an entertainment company, but quickly developed into a behemoth with interests in countless subsidiaries. Unfortunately, Engadget's blockbuster investigation into LeEco found that despite its size, it had no financial foundation to underpin its ambitions to become even bigger. Former employees described LeEco's complex ownership structure as little more than a "shell game" to hide loss-making enterprises. 2017 saw the company hit a cash crunc...