India has seized $725 million from Chinese technology company Xiaomi. Social media sharing was made by the Indian Executive Directorate on the subject. In the post, it was announced that $ 725 million of Xiaomi was seized for allegedly violating foreign exchange laws.
According to local media reports, the seizure decision followed an investigation launched in February over concerns of illegal transfers.
In the investigation, it was stated that the smartphone manufacturer transferred $ 725 million to three foreign-based organizations under the name of royalty payments.
EXPLANATION FROM XIAOMI
Making a statement to local media, the company claimed that the copyright payments and statements were legal and accurate, and stated that it was determined to work closely with the government to correct any misunderstandings.
India banned more than 100 Chinese mobile apps in 2020 due to border conflicts with China. (AA)