Photo by Visual China Group via Getty Images/Visual China Group via Getty Images
The Department of Justice has accused Faraday Future founder Jia Yueting of “engaging in dishonest behavior” during his Chapter 11 bankruptcy proceedings, and it has filed a motion to appoint a new trustee to take control of the Chinese billionaire’s estate.
The new motion, if approved, could dramatically change the course of Jia’s bankruptcy case, which involves billions of dollars of debt owed to more than 100 creditors in China, and which has been hotly contested in the two months since he filed. While Jia claims his bankruptcy does not directly involve Faraday Future, he has claimed that a speedy outcome is necessary in order for the EV startup to raise the $850 million it so desperately needs to finally put its first vehicle into…