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BEIJING — Jia Yueting, founder of Leshi Internet and electric vehicle maker Faraday Future, said on Thursday his personal bankruptcy process was complete and that a trust would be established to compensate Leshi shareholders.

In a stock exchange filing, however, Leshi said it had not heard from Jia regarding a compensation plan or a related arrangement. It added it was unable to verify whether shareholders would be compensated.

The entrepreneur is well-known in China for building a video-streaming business into an electronics manufacturer, before starting Faraday Future with ambitions to overtake Tesla Inc.

However, the cash-intensive enterprise forced Jia to file for bankruptcy in October with personal net debt of around $2 billion. To date, Faraday Future has only produced a small number of test models.

In a post on Chinese social media platform Weibo, the former executive said the bankruptcy process ended on June 26, and apologized to investors and creditors for any financial loss. read more

The automaker’s North American manufacturing chief said in a letter that employees found to have instigated unapproved shutdowns will face disciplinary action, and stoppages “will result in zero pay.” Workers at two FCA plants last week stopped production over coronavirus concerns.