Chinese smartphone maker Xiaomi Corp on Sunday said it was "disappointed" with an Indian order that froze $682 million of its assets and would continue to protect its interests.
MUMBAI - Chinese smartphone maker Xiaomi Corp on Sunday (Oct 2) said it was "disappointed" with an Indian order that froze $682 million (S$978 million) of its assets and would continue to protect its interests. An Indian appellate authority on Friday confirmed an April order by India's federal financial crime fighting agency, the Enforcement Directorate, to seize 55.51 billion rupees.
The Chinese smart device firm said in a statement on Sunday that over 84% of the 55.51 billion Indian rupees seized by the Enforcement Directorate earlier this year was royalty payments made to US chip company Qualcomm Group.