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$86 Million Seized From Chinese Mobile Brand Offices

Bank accounts, cash reserves, and even gold bars have been seized from Chinese smartphone maker Vivo offices, after anti-money laundering agency raided 48 locations.

Vivo is owned by BBK Electronics Corporation who is also the parent company of Oppo, who in turn, own the subsidiaries OnePlus and Realme.

India’s anti-money laundering agency seized 4.65 billion rupees (A$86 million) from the Chinese giant’s local unit and its related companies.

It found Vivo remitted 624.76 billion rupees, equal to approximately half of its local sales outside of India, mostly to China, according to a statement.

“These remittances were made in order to disclose huge losses in Indian incorporated companies to avoid payment of taxes in India,” the Enforcement Directorate agency said.

This follows a similar review by the agency of Xiaomi’s operations in its country, claiming it moved money out of Indian by falsely claiming it was for patent-free payments.

Indians authorities are also scrutinising ZTE for similar actions, according to Bloomberg.

Counsellor Wang Xiaojian, the spokesperson for the Chinese Embassy in India claims these investigations damage business prospects and goodwill between the two nations.

“The Chinese government always asks Chinese enterprises to abide by laws and regulations overseas and firmly supports Chinese enterprises in safeguarding their legitimate rights and interests,” he said.

“The frequent investigations by the Indian side into Chinese enterprises not only disrupt the enterprises’ normal business activities and damage the goodwill of the enterprises, but also impedes the improvement of business environment in India and chills the confidence and willingness of market entities from other countries, including Chinese enterprises to invest and operate in India.

“The essence of China-India economic and trade cooperation is for mutual benefit and win-win results. The bilateral trade volume between China and India strikes a historical record of over 100 billion USD in 2021, which reflects the huge potential and broad prospect of economic and trade cooperation between our two countries.

“China wishes the Indian side to investigate and enforce the law in compliance with laws and regulations, and effectively provide an fair, just and non-discriminatory business environment for Chinese enterprises to invest and operate in India.”

 



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