×

Things aren't looking good for the up-start Tesla rival.

Jia Yueting, the Chinese billionaire behind LeEco and Faraday Future, has been ordered back to his home country by the China Securities Regulatory Commission (CSRC) in order to answer for his outstanding debts.

The CSRC issued the notice to Yueting on Christmas day. The founder and CEO of LeEco must return to China by December 31 to "fulfill his obligation," the notice said.

"Firms you control owe huge amounts to listed companies, which has not yet been returned," the CSRC said, according to Reuters. "This behavior seriously harms the legal rights of listed firms and the personal interests of a wide range of investors."

The notice comes just weeks after Yueting was put on China's blacklist for debt defaulters. It remains unknown how much Yueting and his company owe, but at its peak LeEco was on the hook for $1.53 billion.

The CSRC's order is yet another black eye for Faraday Future, an electric vehicle upstart backed by Yueting and aimed directly at Tesla. Faraday Future has faced months of financial uncertainty, with the company reportedly lacking the funds to continue into 2018. With Yueting's fortune now presumably tied up, it remains to be seen how long Faraday Future can last.