Deals
Troubled Chinese Giant LeEco Said to Delay Paying U.S. Employees
- Tech conglomerate’s U.S. plans falter after aggressive growth
- Some high-profile executives, wooed from Samsung, have left
This article is for subscribers only.
Chinese technology conglomerate LeEco Inc. delayed payroll for U.S. employees this month, people familiar with the matter said, another sign that billionaire Jia Yueting’s media and Internet empire is grappling with a cash squeeze.
LeEco’s U.S. employees are normally paid on the 15th and last day of every month, but the company has told employees that March 31 paychecks would be delayed until April 4, the people said, asking not to be identified discussing private matters. LeEco told employees in the U.S. the delay was due to issues with moving money from China, according to one of the people.