India seizes $725m from China’s Xiaomi over ‘illegal’ remittances ...Middle East

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.India's financial crime investigations agency began investigating the company in February and said it seized the money from the firm's local arm after discovering it had made remittances to three foreign-based entities.“Such huge amounts in the name of royalties were remitted on the instructions of their Chinese parent group entities,“ the Enforcement Directorate said in a statement.Xiaomi did not immediately respond to an AFP request for comment.The firm's India office was raided

Read More Details
Finally We wish PressBee provided you with enough information of ( India seizes $725m from China’s Xiaomi over ‘illegal’ remittances )

Also on site :

• Over 20 Palestinians, children included, killed in Israeli airstrikes in Gaza
• Ukrainian neo-Nazis would finish second in the competition for idiots – Putin
• Fans Love Lancôme's Juicy Tubes & 2000s Icons Reunion