NEW DELHI: India seized $725 million from the local bank accounts of Xiaomi after a probe found the Chinese smartphone giant unlawfully sent money abroad in the guise of royalty payments, authorities said Saturday. Xiaomi India has denied the allegations, saying late 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 tweeted. Other Chinese smartphone makers, including Huawei, 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.

Source: Manila Times May 01, 2022 17:35 UTC