Wednesday, October 5, 2022
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China and India in tension after Vivo money laundering accusations

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Live
Chinese brands in India dominate the mobile market. | Font: Live

An investigation to Livea mobile company of Chinese origin, has motivated the government of China warn of a business crisis between the two countries.

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The Chinese embassy, ​​​​through a statement, has indicated that the Indian authorities are “cooling the confidence and will” of their companies by resorting to these frequent investigations.

What happens between China and India?

China and India They are going through political problems for a couple of years, after an unarmed fight on the borders of both countries in 2020. Since then, the Indian government has been tightening regulations for all Chinese content that reaches the country, starting with the app side.

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However, where it has begun to have major problems has been in the field of cell phones, where Chinese companies dominate the local market.

The first company to be investigated was Xiaomi, who was accused of sending illegal remittances abroad “under the guise of paying royalties.” The company defended itself against these accusations and pointed out that the Indian authorities threatened officials with violence and coercion. Xiaomi in the country to plead guilty.

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This first case, however, has taken on greater hints of confrontation with the current case of Live, who is now pointed out as the author of “money laundering”.

For this reason, the Compliance Directorate of the agency that fights financial crime raided the company’s offices as part of its investigation.

China responds

China criticized Indian authorities for “frequent investigations” by local units of Chinese companies.

“The Indian side’s frequent investigations into Chinese companies not only disrupt the normal business activities of the companies and damage the goodwill of the companies, but also impede the improvement of the business environment in India and chill the confidence and will of India.” market entities from other countries, including Chinese companies to invest and operate in India,” said Wang Xiaojian, spokesman for the counselor of the Chinese embassy in the India, in a written statement.

Xiaojian said that China was closely following the matter.

 

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A full time tech enthusiast with a passion for writing. Religiously follow everything new happening in the tech world and share my two cents with my audience here.
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