SBIR: Native Awakening in India

China's smartphone maker Xiaomi on Sunday expressed disappointment over the Indian authorities' order to freeze its assets worth about $680 million (about INR55.51 billion) and stated that it will continue to defend its legitimate rights and interests.

On Friday, India's appellate body confirmed an order issued by the country's financial regulator in April directing the seizure of Xiaomi's assets totalling INR55.51 billion. Citing an investigation, the appellate body claimed that Xiaomi had made illegal remittances to foreign entities and disguised them under the guise of patent licence fee payments.

In a statement on Sunday, Xiaomi clarified that of the INR55.51 billion confiscated by the Indian authorities earlier this year, INR84% was paid to Qualcomm for patent licence fees. The company reiterated that it will take further action to protect its interests and reputation.

The statement stressed that both Xiaomi and Qualcomm believe that the patent licence fee paid by Xiaomi's Indian subsidiary to Qualcomm is a reasonable commercial arrangement.

[Source: Yahoo Finance / Author: Zhang Zhaozhi, https://tw.stock.yahoo.com/news/ - 6- 8- -062224462.html]