Indian Court Refuses to Unfreeze Assets of Chinese Smartphone Maker Xiaomi

[Epoch-Times-Bot]

Indian Court Refuses to Unfreeze Assets of Chinese Smartphone Maker Xiaomi

On Oct. 6, an Indian High Court declined to lift a freeze on $676 million of Xiaomi's assets, dealing a blow to the company's operations in India. The company, the world’s third-largest smartphone manufacturer, said the court's move had "effectively halted" its operations in the Indian market, according to a Reuters report.
The move comes amid increasing troubles for Chinese companies in India’s smartphone market. Xiaomi is among several top Chinese smartphone makers who have been charged with money laundering and tax evasion in India over the past year.
Xiaomi entered the Indian market in 2014. In late 2017, it surpassed Samsung and became the largest smartphone supplier in the Indian market. However, Xiaomi's market performance in India has fallen sharply since the beginning of this year due to alleged infractions of Indian law....

Source: Indian Court Refuses to Unfreeze Assets of Chinese Smartphone Maker Xiaomi

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