TikTok ownerByteDancesaid on Wednesday an Indian court’s decision will “unblock” its money in the country as it awaits the outcome of a tax evasion probe, following its argument that such a freeze was hurting its ability to operate locally, reported Caixin.
The company’s interpretation of the decision by the Mumbai High Court contrasted with a government source cited by Reuters, which believed ByteDance would still be banned from using the funds for other purposes until the money is deposited into a state-owned bank.
The Chinese short-video operator had previously been ordered to deposit $11 million into a state bank, two months after its popular TikTok app was permanently banned in the country.