
Text | Fang Yuanying Yang Lin
It is undeniable that Jia Yueting is now in crisis.
A tough move by China Merchants Bank to collect debts from LeTV is pushing him to the corner.
Assets were sealed - this is the worst of many situations. The situation of LeTV is quite similar to that previously understood: In the past, banks may have a grace period after the loan expired, waiting for the company's cash flow to come back for repayment. “But Levision lacks profit points, the longer it takes, the more it loses. Now, it is to see who understands first and who will go to court to sue it,” said one insider.
The person also believes that if LeEco has a timeline that may close in the face of a lot of run, "that is to see which bank reacted to first sue him and closed his account." Prior to this incident, LeTV Accounts that have been opened in multiple banks have been rejected.
The worrying scene has already taken place. On the afternoon of July 3, according to media reports from Tencent and Handan, China Merchants Bank Co., Ltd. Shanghai Chuanbei Sub-branch applied for property preservation from the Shanghai Higher People's Court on June 26, 2017. The application was ruled by the court to comply with the law.
According to the exclusive understanding of 36 Miles, Lefeng Mobile Hong Kong Co., Ltd., as the main borrower, had a loan to China Merchants Bank Shanghai Chuanbei Sub-branch. The loan amount was nearly HK0 million, and the loan was due in mid-July this year.
China Merchants Bank’s move is a prelude to the prosecution of LeTV. “China Merchants Bank Shanghai Branch applied to the court for asset preservation this time, which is a legal measure adopted by LeTV after its unsuccessful interest in Leward Mobile Loan, and after China Merchants Bank’s Shanghai branch has repeatedly received no results.” Merchants Bank responded in a speech tonight.
The contents of the court's specific rulings were: Freeze Levent Mobile Hong Kong Co., Ltd., LeSports Mobile Intelligence Information Technology (Beijing) Co., Ltd., LeTV Holdings (Beijing) Co., Ltd., Jia Yueting, and Gan Wei's bank deposits totaling RMB 1.237 billion, or Seize other equivalent assets.
In this regard, a legal person told 36, according to the contents of the court's ruling, this is the property preservation of China Merchants Bank before the lawsuit, and the bank should also prosecute Jia Yueting and his three companies.
The reason why Jia Yueting and his wife are two natural persons is also involved. There are two main possibilities. One is Jia Yueting’s guarantee with his own personal property and the loan from China Merchants Bank; the other is Jia Yueting as the legal person of LeTV Holding. Joint liability guarantees.
If this single loan itself is concerned, it is not too much of a problem for LeTV. LeTV responded to this issue by saying 36, “We have mortgaged the assets of this loan, and it is sufficient to cover the debt.” China Merchants Bank’s public response also has room to turn around. “The follow-up does not rule out solving problems with LeTV through friendly negotiation.”
However, the fatal consequence of CMB’s move was that it “brought a bad head” to other banks and creditors.
Previously, 36-year-old had reported in the in-depth manuscript “Sun Hongbin entered LeTV, Jia Yueting's harder one hundred days” that LeTV had been experiencing “runs” in recent months. There is no shortage of banks that are worried about recovering funds. There are about one to twenty banks that come to the door, and some banks that are not yet due are still watching.
LeTV still has a lot to wait for. At the shareholders’ meeting on June 28, Jia Yueting acknowledged for the first time that since LeTV saw the outbreak of the capital chain crisis, they had taken many measures and also made some mistakes. As a result, the system and funds of LeTV’s non-listed companies have even More nervous. Received 9.7 billion in funds, but actually paid more than 15 billion yuan. After returning the financial institutions' arrears, there is still no follow-up financial support from financial institutions.
The dilemma that there is no follow-up financial support must be traced back to April this year. For the first time, LeTV's financial report issued non-standard audit opinions from the audited companies since listing, and there are huge differences between some of the performance data and the performance earnings bulletins released earlier. Auditing agencies’ attitudes are alarming for financial professionals. "Before the financial report did not come out, LeTV may still be able to make loans. Now all banks have gone to LeTV to receive loans. No trust or fund has dared to lend it." An informed source told 36.
Now, China Merchants Bank’s tough debt-paying measures have risen by one level compared to the past. According to 36 reports earlier this year, as of May this year, five or six banks have already come to LeTV for debt collection. The approach is to directly “block the door”.
China Merchants Bank apparently believes it is a good idea to adopt such a tough approach today. "After applying for asset preservation, the business risk of China Merchants Bank Shanghai Branch and LeTV is currently under control," said China Merchants Bank.
"Either way, once the court decides that the bank is successful, if LeEco cannot repay the loan by then, the frozen assets will enter the auction process." A legal industry source told the 36-year-old reporter.
In the future, will there be other banks that will study China Merchants Bank to take lawsuits and freeze LeTV accounts to recover debts? It is very likely.
In the banks that have tasted back, China Merchants Bank is probably the first case.
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