India confiscates US$725m from Xiaomi accountsAFP, NEW DELHIIndia seized US$725 million from the local bank accounts of Xiaomi Corp (小米) after a probe found the Chinese smartphone giant unlawfully sent money abroad in the guise of royalty payments, authorities said on Saturday. Xiaomi India has denied the allegations, saying late on Saturday that its “operations are firmly compliant with local laws and regulations.”“We believe our royalty payments and statements to the bank are all legit and truthful,” Xiaomi India wrote on Twitter. Other Chinese smartphone makers, including Huawei Technologies Co (華為), also had their Indian offices searched at the time. Anti-China sentiment has grown in India since the fatal 2020 troop clash, sparking calls for consumer boycotts of Chinese goods. China continues to be a key economic partner for India, with more than US$125 billion reported in bilateral trade last year.

Source: Taipei Times May 01, 2022 20:32 UTC