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Wednesday, June 12, 2024

Multiple ED Raids against Chinese Mobile Company Vivo, Linked Firms

Another Chinese company that has been on the investigation agency's radar is Xiaomi Corp

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Transcontinental Times Staff
Transcontinental Times Staffhttps://www.transcontinentaltimes.com
Submissions filed under "Staff" are acredited to their authors at the bottom of the article if any.

INDIA: Raids were conducted against Vivo, a leading Chinese mobile phone manufacturer, and other companies connected to it at 44 locations across India, according to sources.

The change occurs as the government is paying more attention to companies with roots in the neighbouring nation.

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Local divisions of Vivo Mobile Communications Co. and ZTE Corp. were under investigation for alleged financial irregularities in May. Another Chinese company that has been on the investigation agency’s radar is Xiaomi Corp.

In order to determine whether there were “serious abnormalities in the ownership and financial reporting,” an investigation into Vivo was requested in April, according to a report. ZTE’s books were also rumoured to be being examined.

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Following tensions on the border between the two nations in 2020, which resulted in numerous rounds of negotiations, the surveillance of Chinese companies became more intense. Since then, Tiktok and more than 200 other mobile applications have been prohibited.

Contrary to data released by New Delhi, which claimed that India traded with the US more than any other country last year, China has asserted that it continues to be India’s greatest trading partner.

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It demonstrated a willingness to take action to enhance regular commerce with India by pointing out that the value of bilateral trade between China and India was $125.66 billion.

Zhao Lijian, a spokesperson for the Chinese foreign ministry, previously addressed the investigation into ZTE and Vivo.

“The Chinese government is monitoring the issue very carefully. When conducting business abroad, the Chinese government consistently requests that Chinese corporations follow local rules and regulations,” according to Zhao.

“In the meantime, we firmly support Chinese companies in safeguarding their legal rights and interests. The Indian side should act in accordance with laws and regulations and provide a fair, just and non-discriminatory business environment for Chinese companies operating in India.”

It demonstrated a willingness to take action to enhance regular commerce with India by highlighting the $125.66 billion in bilateral trade between China and India.

Also Read: All You Need to Know About the New Xiaomi 12S Ultra

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