Bloomberg: Troubled LeEco delaying US employee pay

Chinese technology conglomerate LeEco delayed payroll for US employees this month, people familiar with the matter told Bloomberg, another sign that billionaire Jia Yueting’s media and Internet empire is grappling with a cash squeeze. LeEco’s US 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 US the delay was due to issues with moving money from China. The paycheck delays are stoking frustration at a US operation that’s suffered key executive departures in the last few months. After rapid expansion of his tech empire, Jia admitted late last year that the company was struggling to raise cash.