On the afternoon of May 6, Beijing time, it was reported that the source said that the Indian court lifted the freezing of US $725 million of Xiaomi's assets** The Law Enforcement Bureau seized Xiaomi's bank assets last week, saying it found that the company illegally remitted money "in the name of royalties" to three foreign entities, including a Xiaomi group entity.
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Xiaomi denied any misconduct, saying that "the royalties and statements paid to the bank are legal and true". Subsequently, the company filed a lawsuit with the high court of Karnataka state in southern India against India's decision to combat financial crime institutions.
On Thursday, after hearing the opinions of Xiaomi's lawyers, a judge announced the suspension of the Executive Council's decision.
Xiaomi and the law enforcement bureau did not immediately respond to requests for comment. The court's written order has not been made public.
One of the sources said that as a condition, Xiaomi would inform the Indian authorities of the transfer of funds such as royalties.
According to the website of the Indian court, the case will open on May 12.
According to counter point research, Xiaomi is the largest smartphone seller in India in 2021, with a market share of 24%.
Reuters reported earlier that manu Kumar Jain, the former head of India of Xiaomi, was summoned and interrogated during the board investigation.