2023-10-02 20:43:23

China's Xiaomi says will protect business interests after assets frozen in India

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Channel NewsAsia
By Cna

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MUMBAI : Chinese smartphone maker Xiaomi Corp on Sunday said it was disappointed with an Indian order that froze $682 million of its assets and would continue to protect its interests.

An Indian appellate authority on Friday confirmed an April order by India's federal financial crime fighting agency, the Enforcement Directorate, to seize 55.51 billion rupees, saying a probe found Xiaomi had made illegal remittances to foreign entities by passing them off as royalty payments.

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The Chinese smart devices firm in a statement on Sunday said that over 84 per cent of 55.51 billion Indian rupees seized by the Enforcement Directorate earlier this year was the royalty payment made to U.S. chipset company Qualcomm Group

We will continue to use all means to protect the reputation and interests of the company and our stakeholders, it said.

The company said that Xiaomi India is an affiliate and one of the Xiaomi Group companies, which entered into a legal agreement with Qualcomm to license IP for manufacturing smartphones.

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