On August 29, Lu Weibing, President of Xiaomi Group, clarified that the RMB 4.8 billion ($658 million) fund connected to a legal dispute in India has been frozen by the Indian government rather than confiscated. This clarification comes after Indian authorities alleged last May that Xiaomi’s local unit engaged in illicit money transfers under the guise of royalty payments, resulting in the seizure of the RMB 4.8 billion fund. Xiaomi is working to resolve the matter through legal channels, Lu said. Despite the lengthy legal process, Xiaomi believes in the independence and impartiality of the Indian judiciary, he added. [Securities Times, in Chinese]
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