India seizes $725 million of Xiaomi assets over illegal payments

02 May 2022
The company remitted the equivalent of INR 55.5 billion in breach of foreign exchange laws.

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  • Anonymous
  • tZj
  • 03 May 2022

royo1e, 02 May 2022Highly suspicious! Manu Jain also settled in Dubai or run a... moreXiaomi haters like you are happy to read this news but sorry, have to burst your bubbles. $700 million is just a drop in the ocean for the company. Furthermore, Xiaomi is not taking this lying down as they are challenging this in court. The end loser might be the thousands of Indians working for Xiaomi and the credibility of the Indian government.

    • ?
    • Anonymous
    • tZj
    • 03 May 2022

    tuyls, 03 May 2022Hope they fail as a company. Garbage products anywaysNah, the company will still exist long after you expire lol

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      • tuyls
      • ptS
      • 03 May 2022

      Hope they fail as a company. Garbage products anyways

        Anonymous, 02 May 2022It doesn't matter which products have higher margins t... moreTrue. That is what matters for shareholders. For consumers the things that matter are the end price of the phone and the quality of the product and service

          These things always happen

            • ?
            • Anonymous
            • 70d
            • 02 May 2022

            Aierlan, 02 May 2022That 5% thing was something they said many years ago. I don... moreIt doesn't matter which products have higher margins than which products. At the end of the day, the (average) GPM and net profit are what matter.

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              • Anonymous
              • 70d
              • 02 May 2022

              shiba, 02 May 2022You believe the chine*e? Their flagship cost as much as oth... moreYou're so clueless if you believe that a 65% GPM is normal. Xiaomi will be one of the richest companies on the world if that is the case.

                Highly suspicious! Manu Jain also settled in Dubai or run away to Dubai, Xiaomi is in big trouble, people should avoid purchasing Xiaomi devices as their bank accounts got seized so service quality to company employee's salaries will be hampered

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                  • shiba
                  • IbE
                  • 02 May 2022

                  Anders, 02 May 2022I have mixed feelings about this. 1 it's concerning th... moreYou believe the chine*e? Their flagship cost as much as others for $1000+. Cost of phone is around 35% so they make 65% which estimates about $600-700 per phone sold.

                    [deleted post]If You hate Indian parts, you always have an option to use indonesia made phones which better than Chinese

                      [deleted post]In my experience it's other way around

                        • ?
                        • Anonymous
                        • KAS
                        • 02 May 2022

                        Apple and Samsung all the way. Great move by Indian officials

                          [deleted post]Then dont.. You seem so self centered. Millions, actually billions are using India made phones.

                            Hello Life, 02 May 2022People working for xiaomi in India are blue collar employee... moreWe really wanted them out, irrespective of woke unemployment concern (it's in every country, tel who doesn't has unemployment). We want Chinese syndicate to be out of the country very soon, even Chinese manufacturers knows it that's one reason every gadget from them getting more expensive than previous generations, yes chip shortage and inflation etcetc... somehow Chinese are more interested going out. It's good

                              Indian government is sleeping all these days!! To them tax evasion is very very common practice. Not just Xiaomi every other companies doing same i guess

                                Okabe, 02 May 2022India is going the US and Europe way of hurting companies f... moreWith Chinese you play west game?? Ha ha

                                  Best thing happened for 2mp scam

                                    • ?
                                    • Anonymous
                                    • 7k0
                                    • 02 May 2022

                                    Its nothing.
                                    Won't stand in courts, Xiaomi is a large company and they would've followed all rules.

                                      Anders, 02 May 2022I have mixed feelings about this. 1 it's concerning th... moreThat 5% thing was something they said many years ago. I don't think it's particularly relevant anymore. Their gross profit margin was over 17% last year but operating margin was closer to 7%. They are a listed company so their figures are easily available on their annual report. There are so many different ways of looking at profit margin in any case and the overall figures would include all direct and in expenses for the operating margin . The profit margin on their flagships would be similar to other major brands but the the profit on their budget phones is going to be way tighter. That's why all Chinese brands are fighting so hard to take the flagship space vacated by Huawei in China because the high profit margins are in the flagship sector. So far all of the Chinese brands (except Huawei before the 5g and chip ban) have largely failed to succeed in the flagship sector. Anyway, there is no hiding anything in relation to their profit margin as they have to publish their financial statements online due to the US listing

                                        • ?
                                        • Anonymous
                                        • StU
                                        • 02 May 2022

                                        [deleted post]So which countries or governments arent currupt then ? none are truly without wrong doing

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