California District Court Was Petitioned to Enforce an Arbitral Award against Jia Yueting, the Founder of Le.com (Sep. 5, 2018, U.S. District Court in California)

The founder and former chairman and CEO of Le.com, a.k.a. Leshi (樂視), called “China’s Steve Jobs”, the Chinese technology and telecommunication entrepreneur Jia Yueting is being in trouble arising from an arbitration award made in China.
Jia Yueting previously made a guarantee for Leview Mobile’s payment obligation under convertible notes issued by Leview Mobile to its creditor QC Investment. Leview Mobile failed to redeem its debts due, and QC transferred its claims under the convertible notes to Shanghai Qichengyueming Investment Partnership Enterprise (Petitioner). On May 9, 2018, the China International Economic and Trade Arbitration Commission (CIETAC) rendered an arbitration decision that Jia Yueting had to pay Petitioner RMB 682,036,810 (equivalent to about USD 100 million) for the redemption prices for the convertible notes and other fees. Petitioner then filed petition to a California District Court, requesting to recognize and enforce the arbitral award in accordance with the New York Convention.
Written by Derek Tai