Court Seizes Faraday Future Founder’s Assets In China

Faraday Future Jia Yueting’s troubles with the law keep pilling as a court has seized all of his assets it could find in China.

The Beijing First Intermediate People’s Court has seized more than $200,000 in bank deposits and is currently eyeing Jia’s shares in the publicly listed Leshi Internet, as well as two Beijing properties, Bloomberg reports.

The court said that it seized Jia’s assets after agreeing to a demand from a securities firm that claims Faraday Future and LeEco boss owes them more than $30 million.

“Jia Yueting has no other bank deposits, housing registration records or automobile registration records that the court can execute upon,” the Beijing court said in its statement. The court didn’t share any details of the securities firm’s complaint except to say it involved an alleged failure to honor obligations.

It’s not clear where Jia is at the moment, with the last report saying that he announced during a Faraday Future meeting that they managed to raise more than $1 billion in financing without giving out the names of the investors.

China’s authorities have ordered Jia to return to the country and sort out his huge debts accrued by his various companies.