CCB backtracks on LeEco staff credit cuts

China Construction Bank (CCB) says that around 95% of LeEco staffers now have their credit limits back up to their original levels, reports thepaper.cn.

The logo of LeEco [Photo: VCG]

LeEco has been beset with a severe funding crisis since November, 2016. Since the beginning of 2017, the Chinese tech company, better known for its video streaming services, has been delaying staff wages and social insurance premiums.

CCB made the statement on July 26, 2017, less than a week after the Chinese bank cut the credit limit of all LeEco employees with accounts at the bank down to 1 yuan (around 15-cents US).

According to the statement from CCB's credit card center, the bank decided to essentially freeze the credit of current and former LeEco employees due to their company's "changing business condition."

The remaining 5% of LeEco employees are still said to be undergoing a credit review, which the bank has apologized for.

One of the victims of the credit review tells thepaper.cn that he hadn't worked at LeEco for the past 3 years when he was informed of the credit review over the weekend.