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April 19, 2017

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Yidao rebuts mishandling of funds

RIDE-HAILING Yidao Yongche and controlling shareholder LeEco have rebutted accusations from a former senior executive that the company has mishandled funds.

Founder and former Chief Executive Officer Zhou Hang claimed on Monday that Yidao’s cash problems was due to its parent company LeEco diverting 1.3 billion yuan (US$189 million) for other purposes. The money was originally earmarked for Yidao.

Yidao said in a statement that roughly 4 billion yuan had been injected into the car-hailing platform for development.

According to a previous loan agreement, the 1.3 billion yuan under question was part of a 1.4 billion yuan syndicated loan extended to Yidao and automobile business affiliates of LeEco in November. LeEco pledged its property, LeEco Mansion, as collateral for the syndicated loan.

It will continue to protect drivers and riders’ interests and ensure the cash problem is solved, LeEco added.


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