Former LeEco employee outraged after having credit line suspended by China Construction Bank
Weibo inundated with similar instances from other former colleagues
A China Construction Bank (CCB) credit card holder has had his credit line restored, after making complaints publicly on Weibo that his limit by the state-owned bank had suddenly been cut to 1 yuan (15 US cents) triggered by his former employer LeEco’s cash woes.
The incident has stirred discussions on social media on how far financial institutions can go to trim their exposure to the cash-starved tech firm, which is already battling to stay afloat amid a mountain of debt, huge losses and court orders that have frozen its assets.
Bai Yunfei, who worked at LeEco’s listed subsidiary Leshi Internet Information & Technology Corp from 2011 to 2013, told the Post he was suddenly informed on Saturday by the Beijing-based bank of the precipitous plunge in his credit line, or the maximum amount of loans that he can spend on the card. Before the cut, he could spend about 70,000 yuan.
I was outraged when I heard the sudden cut was because Leshi was my employer when I applied for the card,” said Bai, noting that he always repays on time, with common monthly consumption of around of 1,000 to 2,000 yuan on the card.