The Shanghai High People’s Court on account of missed load payments has frozen $82 million in assets of Jia Yueting (Chairman of LeEco). LeEco is already going through a financial crunch they even trimmed down their business operations in India.
The latest news is a big setback to LeEco company, all of you know that the LeEco company was not doing well for quite some time. They were going through a bad phase, they even closed several offices in India and limited the staff to the bare minimal.
Some were hoping that it could be a short term issue, but after this latest news it looks really difficulty for LeEco to come back. As mentioned, a shanghai court has frozen about $180 million worth of assets of Jia Yueting (co-founder / Chairman LeEco), his wife and 3 subsidiaries.
This was connected to the load for LeEco mobile business that the company failed to pay / missed payments. The bank went for legal option after they attempted to recover the interest but failed on several occasions.
Source : NYTimes.
Devaraju M
Hi Gogi,
My Le Max 2 mobile has some issues. So I called their toll free number, 180030101838 .Surprisingly, toll free number is not working, it says as dialed number is not in service. Then I called around 3 leeco service centers in my city (Trichy – TamilNadu). Service center people said that they are not providing service to Leeco mobiles right now and Leeco has the authorized service center only in Chennai.
Can you please confirm whether Leeco as exit operations from India?
Stark
i have remembered that day when i was eagerly waiting to launch of le1s on 5 jan but instead of mobile they launched a fxxxin helmet and cycle and i should on that date die bixxxh letv die 😊 and it’s really happening 😊
N k gupta
Le eco is very poor service provider
Raja
So now cool1 price will drop below 8999?
raghav
They removed 3.5 mm jack and gave limited storage options in their phones. They could have got lot of sales if they had added those small features but they didn’t.
sachin11
Leco phones provide more value for money then Xiaomi. Unfortunately bad management has taken its toll. They should know that slow and steady wins the race.
Shailendra Pratap Singh
Right time for TATA / Reliance / Adani to buy Leeco and start manufacturing, Have been desperately looking for a good phone by an Indian Brand…
Anand
Say bye bye to updates
Ronak
its been 8 month we le 2 user got update .i was hoping we will get update this month(official forum said”till march end update will be on air but they failed to do so nd giving false statements now & then)).
Reading this news i lost all my hopes .
worried about after sale services & updates.
Pleaae do not buy le eco products as of now.
raaz007
Xiaomi U R NEXT. BE READY 😃😃😃😃😃
Shashank
in your dreams
SKC
Not going to happen with them, Xiaomi is much much bigger company then LeEco
VASANTH
Comparing Leeco With Xiaomi is meaningless… Just Look at the sales Figures and Product Portfolio of Xiaomi 😀😀😀…
P.S i m using LeEco
Pranav
Noob spotted
Bala
So sad,
They could have been the real competitor to Xiaomi in India.
Gstar
That’s really bad news for tech lovers in India.
Shrinivas
Rip…
Sahil
RIP LeEco
LeEco is a good brand only if it would have come with good after sales service they would have rocked Indian markets and would have Become a Big Brand like Xiomi