Indian authorities have seized $725 million from Chinese smartphone company Xiaomi, accusing it of breaking the country’s foreign exchange laws by making illegal remittances abroad.
Guests gather to check out Xiaomi's newly launched products at an event in Bangalore, India, Tuesday, Sept. 17, 2019. Indian authorities on Saturday, April 30, 2022, seized $725 million from Chinese smartphone company Xiaomi after an investigation found it had broken the country's foreign exchange laws by making illegal remittances abroad, officials said.
The agency said the smartphone maker had transferred $725 million to “three foreign based entities” under the guise of royalty payments, according to a statement quoted by the Press Trust of India. Earlier this month, the agency had also questioned Xiaomi's global vice president, Manu Kumar Jain, at the company's regional office in the southern city of Bengaluru, PTI reported.
“These royalty payments that Xiaomi India made were for in-licensed technologies and IPs used in our Indian version products. It is a legitimate commercial arrangement for Xiaomi India to make such royalty payments,” the statement said.
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