California court freezes luxury home of Jia Yueting and Faraday Future Shares – the United States



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According to a new court ruling filed on Thursday, the California Federal District Judge temporarily froze the company's shares under the name of Faraday's future CEO, Jia Yueting, and issued a protective order for his luxury home on California.in

This is the second time Jia Yueting's stake in the company has been frozen in the last two weeks.

After a few months of conflict between the future of Faraday and its main investor, China Evergreen Real Estate Group, the startup of electric cars almost collapsed, causing the resignation of hundreds of employees or facing temporary vacations. The court has taken these freezing decisions.

The freeze was decided earlier this week when a Chinese company called Shanghai Lan Cai Asset Management Co., Ltd. (a transliterated Shanghai Lan Cai Asset Management) filed suit in the Central Court of California. The company claims that Jia Yueting never returned 50 million yuan (a $ 7 million contract) that lent its LeTV media streaming service in late 2016.

Shanghai-based Lancai Asset Management Co. Ltd. (SLC) said it has already resorted to arbitration in China and won, but Jia Yueting "has not repaid SLC's loans, nor has expressed any willingness to pay in the near future." After gaining control of Faraday's future, Jia Yueting began to live in the United States in the summer of 2017. SLC finally decided to take responsibility for Jia Yueting in US federal court and filed suit this week and a "petition for confirm the arbitration award, "the petition asked the judge to admit the results of the arbitration in China.

The full text of the protection order:

Https://www.courtlistener.com/recap/gov.uscourts.cacd.730943/gov.uscourts.cacd.730943.11.0.pdf

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