Brokerage China Orient Securities is suing the brother of tycoon Jia Yueting for breaking a share pledging agreement, a blow for Jia’s crumbling tech conglomerate LeEco, which had just repaid part of its debts to another creditor, China Merchants Bank.
The company had just taken steps forward on plugging its debt hole by repaying over $100m of its debts to major creditor China Merchants Bank this week. China Merchants confirmed Wednesday that it had received the payment.
The lawsuit, filed by China Orient in Shanghai court, alleges that Jia Yuemin broke an agreement to buy back his Rmb200m ($30.62m) equity share in LeEco’s Shenzhen-listed arm with interest. There was no immediate comment from LeEco.
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