NEW DELHI (AP) — Indian authorities on Saturday seized $725 million from Chinese language smartphone firm Xiaomi, accusing it of breaking the nation’s overseas change legal guidelines by making unlawful remittances overseas, officers stated.
The Enforcement Directorate, India’s monetary investigation company, tweeted that it had seized the quantity from Xiaomi’s native unit. The transfer comes after an investigation was launched by the federal company in February over issues of unlawful remittances, native media reported.
The company stated the smartphone maker had transferred $725 million to “three overseas based mostly entities” below the guise of royalty funds, based on an announcement quoted by the Press Belief of India. Earlier this month, the company had additionally questioned Xiaomi’s world vice chairman, Manu Kumar Jain, on the firm’s regional workplace within the southern metropolis of Bengaluru, PTI reported.
The smartphone firm stated it complied with native legal guidelines and added that its “royalty funds and statements” have been “legit and truthful,” based on an announcement quoted by New Delhi Tv.
Two years in the past, India banned over 100 Chinese language-owned apps as tensions between the international locations soared over border clashes. In June 2020, Indian and Chinese language troops fought with golf equipment, stones and fists alongside a disputed part of their border, leaving 20 Indian and 4 Chinese language troopers useless.
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Since February final yr, each international locations have withdrawn troops from some websites, however they nonetheless preserve a presence. In March, Chinese language International Minister Wang Yi traveled to New Delhi to debate expediting the disengagement of troops and the potential for de-escalating the state of affairs.
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