India seizes $725 million of Xiaomi assets over illegal payments

Xiaomi India had $725 million from its bank accounts seized by the Enforcement Directorate over the weekend. The state organization said the Indian division of the Chinese manufacturer remitted the equivalent of INR55.5 billion to three foreign-based entities in breach of foreign exchange laws. Manu Kumar Jain, Xiaomi Global VP The directorate stated the huge amounts of royalties were remitted (gifted to other parties) by Xiaomi Technology India Private Limited on the instructions of their Chinese parent company. It was done “for the ultimate benefit of the Xiaomi group” in breach of...

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