Shanghai (Gasgoo)-Leshi Internet Information & Technology Corp. (LeTV) released announcement on the night of December 7th that CSRC (China Security Regulation Commission) Beijing Bureau would take administrative supervision measures of ordering for making correction on Jia Yueting and Jia Yuefang.
CSRC Beijing Bureau points out that Jia Yueting made commitments in May to borrow the funds from reducing stock shares on LeTV to listed companies as operating funds without interests. Jia Yueting made it clear in November that he was unable to perform the above commitments.
CSRC Beijing Bureau also emphasized that Jia Yueting withdrew all loans when the listed company were in difficulties, refused to perform commitments and ignored the company's risks, which severely harmed vital interests of the listed company and many mid-and-small investors and also badly affected our society. His behavior has violated relevant regulations on listed companies and actual controllers. Therefore, CSRC Beijing Bureau decided to take administrative supervision measures of ordering for making correction on Jia Yueting and require Jia Yueting to issue written correction report involving his knowledge of existing problems, detailed measures that would correct the problems, reasons why the problems are not rectified, follow-up rectifying plans and rectifying period, etc.
Jia Yuefang, Jia Yueting's elder sister, also received the regulatory decision for the same reason.
LeTV also announced that the company has sent the decision report by e-mail to Jia Yueting and Jia Yuefang on December 7th and will confirm successful delivery.
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