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Several former employees of LeEco have seen their credit limit at China Construction Bank reduced to 1 yuan (about $0.15) as their former employer is mired in financial crisis.
The former employees complained via Sina Weibo on July 25 that their credit limit was recently adjusted to 1 yuan. The bank responded to the complaint by saying the reduction is due to the revelation of some economic cases.
The bank on July 26 explained that the adjustment was a response to an identification check and is temporary. Some 95 percent of the affected users have had their credit limit returned, while the remaining customers are being reviewed. The bank said the decision was made due to the financial crisis of LeEco in order to minimize any impact on the bank, news site Thepaper.cn reported.
Bai Yunfei, one of the affected card holders, said he only worked for LeEco from 2011 to 2013, and he applied for credit before he started working at LeEco. Bai feels it is unacceptable to limit his credit due to his former employer’s financial issues, according to Thepaper.cn
LeEco has been mired in financial crisis and its CEO, Jia Yueting, has resigned. Last month, the company had 15.9 billion yuan worth of stocks and 1.24 billion yuan of assets frozen by the Shanghai High People’s Court and a China Merchants Bank branch.