Former Xunlei CEO Chen Lei suspected of embezzling tens of millions of company funds for illegal cryptocurrency speculation
Foresight News reported, according to The Paper, that Xunlei has filed a lawsuit against former CEO Chen Lei and his core team, accusing them of harming the company's interests and seeking compensation of up to 200 million yuan. The case has already been accepted and filed by the relevant court in Shenzhen. Chen Lei, through former Xunlei Senior Vice President Dong Xue, recruited acquaintances and close friends into key company positions, and used illegal means such as fabricating transaction processes and drafting fake contracts to embezzle company funds, involving a huge amount of money. The new management team has already cleaned up and adjusted related businesses and personnel within Xunlei. In addition, Chen Lei is also suspected of misappropriating tens of millions of company funds for illegal cryptocurrency speculation, which is explicitly prohibited by the state.
In 2014, Chen Lei joined Xunlei as Chief Technology Officer and was promoted to CEO in 2017. In 2020, Xunlei dismissed him on suspicion of embezzlement. Subsequently, the Shenzhen Public Security Bureau launched a criminal investigation into Chen Lei and others for suspected embezzlement. To evade investigation, Chen Lei and former Xunlei Senior Vice President Dong Xue have already left the country.
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