An Indian court has rejected Chinese phonemaker Xiaomi Corp’s petition against the seizure of 55.51 billion rupees ($676 million), according to two sources familiar with the matter, reports Reuters. Xiaomi’s assets in India were frozen last year by the federal financial crime agency which alleged the company had made illegal remittances to foreign entities by passing them off as royalty payments.
“We are studying the matter and waiting for the written order,” a Xiaomi spokesperson said regarding the ruling by a court in Karnataka state, adding the company’s operations in India are compliant with local laws and regulations.
The company has previously said its royalty payments were all legitimate and that it will “continue to use all means to protect the reputation and interests.”
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