• Latest
  • Trending
US removes Xiaomi from blacklist, reversing late China Jab by Trump

Xiaomi accuses Indian agency of physical violence threats

US FAA shifts gears on certifying future flying taxi pilots

US FAA shifts gears on certifying future flying taxi pilots

Ford sells shares in EV maker Rivian for $214 MLN

Ford sells shares in EV maker Rivian for $214 MLN

Fed’s Waller says now is the time to hit it on raising rates

Fed’s Waller says now is the time to hit it on raising rates

All the best is yet to come in Singapore: Blockchain Fest 2022

All the best is yet to come in Singapore: Blockchain Fest 2022

Swiss companies are not hoarding cash

Swiss press freedom dealt blow in bid for overhaul of bank secrecy rules

AIG profit beats estimates on strong underwriting gains

AIG profit beats estimates on strong underwriting gains

Meta to start testing money making tools

Meta opens access to AI large language model

Now You Can Trade Multiple Assets with Fullerton Markets

Now You Can Trade Multiple Assets with Fullerton Markets

Airbnb bets on summer of travel to drive revenue growth

Airbnb bets on summer of travel to drive revenue growth

Lifting the veil of Blockchain Fest 2022 – Cyprus

Lifting the veil of Blockchain Fest 2022 – Cyprus

Intesa CEO says committed to 2022-2025 plan’s goals

Intesa CEO says committed to 2022-2025 plan’s goals

Telefonica turns to Israel’s high-tech

Telefonica turns to Israel’s high-tech

Global Business Review Magazine
Tuesday, May 17, 2022
Nominate Here
  • Home
  • Banking
  • Finance
  • Technology
  • FinTech
  • Business
  • Videos
  • Events
  • Awards
  • Magazine
No Result
View All Result
Global Business Review Magazine
No Result
View All Result

Xiaomi accuses Indian agency of physical violence threats

US removes Xiaomi from blacklist, reversing late China Jab by Trump

Chinese smartphone maker Xiaomi Corp has alleged its top executives faced threats of physical violence and coercion during questioning by India’s financial crime fighting agency. Officials from the Enforcement Directorate warned the company’s former India managing director, Manu Kumar Jain, current Chief Financial Officer Sameer B.S. Rao, and their families if they did not submit statements as desired by the agency, Xiaomi’s filing dated May 4 stated.

The Enforcement Directorate issued a statement saying Xiaomi’s allegations were untrue and baseless and company executives had deposed voluntarily in the most conducive environment. Xiaomi has been under investigation since February. The Indian agency seized $725 million in the company’s India bank accounts, saying it made illegal remittances abroad in the guise of royalty payments. Xiaomi has denied any wrongdoing.

YOU MAY ALSO LIKE

US FAA shifts gears on certifying future flying taxi pilots

Ford sells shares in EV maker Rivian for $214 MLN

A judge heard Xiaomi lawyers and put on hold the Indian agency’s decision to freeze bank assets. The next hearing is set for May 12. The company alleges intimidation by the enforcement agency when executives appeared for questioning multiple times. Jain and Rao were on certain occasions threatened with dire consequences including arrest, damage to the career prospects, criminal liability and physical violence. This is according to the filing in the High Court of southern Karnataka state. The executives were able to resist the pressure for some time. But they ultimately relented under such extreme and hostile abuse and pressure.

The Enforcement Directorate said it is a professional agency with strong work ethics and there was no coercion or threat to the officers of the company at any point of time. Jain is now Xiaomi’s global vice president based in Dubai and is credited with Xiaomi’s rise in India. Xiaomi was the leading smartphone seller in 2021 with a 24% market share in India. It also sells other tech gadgets including smart watches and televisions, and has 1,500 employees in the country.

Many Chinese companies have struggled to do business in India due to political tensions. India has cited security concerns in banning more than 300 Chinese apps since then. Tax inspectors raided Xiaomi’s India offices in December. On receiving information from tax authorities, the Enforcement Directorate which probes issues such as foreign exchange law violations started reviewing Xiaomi’s royalty payments. Xiaomi Technology India Private Limited (XTIPL) remitted foreign currency equivalent to 55.5 billion rupees to entities abroad even though Xiaomi had not availed any service from them.

Xiaomi has said in a previous media statement it believes its royalty payments “are all legit and truthful” and the payments were made for “in-licensed technologies and IPs used in our Indian version products”. Its court filing stated Xiaomi is “aggrieved for being targeted since some of its affiliate entities are based out of China”.

Tags: businessChinaXiaomi
ShareTweetShare
Global Business Review Magazine

Global Business Review is a online print magazine focusing on the updates and information about on emerging markets, Finance, Banking, Technology. Global Business Review provides news, features, analysis, commentary, and interviews from industry across the globe.

Recent News

  • US FAA shifts gears on certifying future flying taxi pilots
  • Ford sells shares in EV maker Rivian for $214 MLN
  • Fed’s Waller says now is the time to hit it on raising rates
  • All the best is yet to come in Singapore: Blockchain Fest 2022
  • Swiss press freedom dealt blow in bid for overhaul of bank secrecy rules

Categories

  • Banking
  • Business
  • Events
  • Finance
  • FinTech
  • Tech
  • Videos
  • About
  • Nominate
  • Privacy & Policy

© 2022 Global Business Review Magazine - All Rights Reserved.

No Result
View All Result
  • Home
  • Banking
  • Finance
  • Technology
  • FinTech
  • Business
  • Videos
  • Events
  • Awards
  • Magazine

© 2022 Global Business Review Magazine - All Rights Reserved.

Go to mobile version