India: Regime steals $725 million from Xiaomi

Source: Engadget

“India has [stolen] assets worth approximately $725 million from Xiaomi India after the country’s anti-money laundering agency found the subsidiary had broken local foreign exchange laws. According to Reuters, India’s Enforcement Directorate announced Saturday it recently determined Xiaomi had made illegal remittances when it attempted to pass off some transfers as royalty payments. … On Twitter, Xiaomi said it believes its payments were legitimate. ‘”These royalty payments that Xiaomi India made were for the in-licensed technologies and IPs used in our Indian version products,’ the company stated. ‘We are committed to working closely with government authorities to clarify any misunderstandings.'” (04/30/22)