Posted on 04/30/2022 5:14:10 PM PDT by libh8er
India has seized assets worth approximately $725 million from Xiaomi India after the country’s anti-money laundering agency found the subsidiary had broken local foreign exchange laws. According to Reuters, India’s Enforcement Directorate announced Saturday it recently determined Xiaomi had made illegal remittances when it attempted to pass off some transfers as royalty payments.
That money went to three foreign companies, including one under the wider Xiaomi banner. The Enforcement Directorate found Xiaomi designed the payments to benefit itself. "Such huge amounts in the name of royalties were remitted on the instructions of their Chinese parent group entities," the agency said. The Indian Enforcement Directorate began investigating the subsidiary, among a handful of other local Chinese firms, last December. It accused Xiaomi of providing “misleading information to the banks while remitting the money abroad.”
(Excerpt) Read more at news.yahoo.com ...
The only thing that is going to save the US Dollar as the world’s reserve currency is the total lack of competent alternatives.
Like the current crash of both the Yen and RMB?
We suck, but you all suck way more…
Banking a lot on the competency in the US dollar
There’s going to be a Cryto-currency that will ride out and surpass everything else as the next depression is brought on by WWIII (or IV whatever you want to call this next war).
Bitcoin/Crypto/Datacenters/Hyperscale is growing insanely quick right now around the world.
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