Breaking: ED seizes assets worth $730 million of Chinese giant Xiaomi

[pikkuboss]

Xiaomi's ₹ 5,551 Crore Assets Seized Over Forex Violations: Probe Agency


New Delhi: Central probe agency Enforcement Directorate (ED) today seized over ₹ 5,500 crore from Chinese smartphone giant Xiaomi over violations of the Indian foreign exchange law. The action has been taken against Xiaomi Technology India Private Limited. The company (also called Xiaomi India) is a trader and distributor of mobile phones in the country under the brand name MI.
The ED seized ₹ 5,551.27 crore from the bank accounts of the company under the provisions of the Foreign Exchange Management Act, 1999.

The central probe agency had initiated an investigation in connection with "illegal remittances" made by the company in February this year.

Xiaomi's Rs 5,551 Crore Assets Seized Over Forex Violations: Probe Agency

The company started its operations in India in 2014 and started remitting the money in 2015. It has so far remitted foreign currency equivalent to Rs 5,551.27 crore to three foreign-based entities.

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@jamahir @INDIAPOSITIVE @Sudarshan @beijingwalker @Indos

@Surya 1 @Raj-Hindustani @Areesh @bluesky @UKBengali
@satyamev @Syama Ayas @INS_Vikrant @Bilal9

 

[jamahir]

Is this Modi government's way of getting back at the Chinese military ? "Ghar me ghuss ke maarenge" ? The ghar here being Xiaomi's offices ? After raiding the political opponents of BJP the ED is now raiding foreigners.

 

[Ghazwa-e-Hind]

Is this Modi government's way of getting back at the Chinese military ? "Ghar me ghuss ke maarenge" ? The ghar here being Xiaomi's offices ? After raiding the political opponents of BJP the ED is now raiding foreigners.

bilawajha ungli tor rahay hai, abhi China na dobara forces ladakh mein forward areas pe rakh di, phir backfoot hojana hai inhay :p

 

[jamahir]

bilawajha ungli tor rahay hai, abhi China na dobara forces ladakh mein forward areas pe rakh di, phir backfoot hojana hai inhay :p

That is possible on the radar of all possibilities.

 

[vi-va]

Awesome.
BJP should steal every Chinese companies money as well.
So that no Chinese dare to invest in India.

Burst into tears for this shortsighted move.

 

[pikkuboss]

Awesome.
BJP should steal every Chinese companies money as well.
So that no Chinese dare to invest in India.

Burst into tears for this shortsighted move.

The assets have been seized for doing business malpractices. Chinese are known all over the world for malpractices, take the case of Hambantota port.

Is this Modi government's way of getting back at the Chinese military ? "Ghar me ghuss ke maarenge" ? The ghar here being Xiaomi's offices ? After raiding the political opponents of BJP the ED is now raiding foreigners.

Clearly the seizure involve business malpractices. Do you have comprehension problem? Do you support Chinese business malpractices as a fellow communist in line with CCP's doctrine?

 

[White privilege]

The suddeness, the unpredictability.

 

[pikkuboss]

The suddeness, the unpredictability.

Looks like we have Arnab Goswami fans in Pakistan.

 

[Black Tornado]

Looks like we have Arnab Goswami fans in Pakistan.

It’s “The suddenness, the shear suddenness”.

 

[pikkuboss]

It’s “The suddenness, the shear suddenness”.

I think these remittances to unknown entities could have been used to fund protests in Wistron/Foxconn factories. Rule number 69 of CCP's rule book for cross-border doctrine. What do you say?

 

[-=virus=-]

GOI can not just seize assets of a big company just on a whim or out of malice for their geopolitical opponents.

There was a probe which unearthed irregularities in that particular corporate entity, and therefore, in keeping with the laws of the land, punitive action was initiated. I'm sure they have their set of lawyers working to try and resolve it.

 

[Paitoo]

Corporate tax matters, especially those involving foreign transactions can be extremely complicated. Unless you know the detailed facts of the case (which don't seem to be out in public), and are competent to analyse them, there is no point in judging either way.

We have had high profile cases before (Cain energy and Vodafone come to mind) and these were not politically motivated.

 

[GiantPanda]

Serves Xiaomei right for investing in India!

 

[silverox]

This is what Xiaomi deserves. These capitalists, seeing profits like hyenas seeing meat, are desperate.
Chinese companies should not invest in an ultra-nationalist country like India, as long as they sell goods, there is no need to invest. These short-sighted and shameful capitalists have been ignorant of the reality.

 

[INS_Vikrant]

The ghar here being Xiaomi's offices ? After raiding the political opponents of BJP the ED is now raiding foreigners.

So do you support these private capitalist stealing tax money from country that could be used for betterment of poor people