Η Xiaomi react to seizure of 55,51 billion rupees (~$682 million) which confirmed the corresponding SDOE of India
Η Xiaomi Corp stated last Sunday that he is "disappointed” following the order to freeze its assets amounting to $682 million by India's financial crime agency, and is emphatic that it will continue to protect its interests.
The Indian appellate authority on Friday affirmed an order issued by the federal financial crime agency of India (India's equivalent SDOE), for the compulsory seizure 55,51 billion rupees (~$682 million), claiming that an investigation it conducted found that Xiaomi had made illegal remittances to foreign entities passing them off as royalty payments.
Η Xiaomi in a statement she made last Sunday, she said that over the 84% of INR 55,51 billion seized earlier this year by India's tax authorities, was a royalty payment to US chipset company Qualcomm Group.
«We will continue to use all means to protect the reputation and interests of the company and our shareholders,” Xiaomi said in its announcement.
As Xiaomi Corp emphasizes, the Xiaomi India is a subsidiary and one of the companies of the Xiaomi Group, which entered into a legal agreement with Qualcomm for IP licensing for smartphone manufacturing.
Both Xiaomi and Qualcomm believe that this is a perfectly legitimate trade deal carried out by Xiaomi India to pay the cost of the rights granted to it by Qualcomm, as stated in her statement by Xiaomi.
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