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Market NewsIndia accuses 01810.HK of being detained for illegal remittance and deposited in a local bank for more than US $700 million.
Market NewsIndia accuses 01810.HK of being detained for illegal remittance and deposited in a local bank for more than US $700 million.India accuses 01810.HK of being detained for illegal remittance and deposited in a local bank for more than US $700 million.
阿思達克 05-03 07:12
01810.HK, a mainland mobile phone maker, is suspected of illegally sending money to foreign entities, withholding more than $700m in local bank accounts, the Indian government said.
Local media quoted a statement from the authorities as saying that the investigation found that Xiaomi Group had remitted US $725 million to three overseas entities, including one Xiaomi entity, in the name of paying royalties.
Xiaomi Group responded that all its operating activities strictly abide by local laws and regulations. The royalties and bills paid by Xiaomi India to the bank are legal and true, and the royalties paid are used for the licensed technology and intellectual property rights used in the company's Indian version of its products, which is a legitimate business practice and will work closely with the government to clear up any misunderstanding.
Local regulators have been investigating Xiaomi's alleged violation of India's foreign exchange law since February, according to local media reports. (ta/w) ~
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