Indian Court Requires Vivo to Pay US$120 Million to Unfreeze Accounts
Image Source: Visual China
July 13, Beijing (TMTPost) – The Delhi High Court said on Wednesday that it allows Chinese smartphone maker Vivo to operate its bank accounts frozen by the Enforcement Directorate in a money laundering investigation if Vivo could provide a bank guarantee fund of around US$120 million.
Legal documents show Vivo sought to revoke Indian law enforcement’s decision to freeze its bank accounts at the Delhi High Court, claiming that the act violates relevant laws and will harm the operation of the company. Vivo said in documents submitted to the Delhi High Court that the company is unable to pay legal fees and employee salary because its bank accounts are frozen. The Delhi High Court requires the law enforcement to give a decision to Vivo before Wednesday.
On July 5, the Indian law enforcement performed a money laundering probe into Vivo India and its sales agents on suspicion of violating India’s Prevention of Money Laundering Act. Vivo responded that it was working with local authorities in India and will provide all information required by the authorities. The company stressed that it is a responsible enterprise and that it pledges to comply with relevant laws and regulations.
The law enforcement unit in India said on July 7 that it investigated 48 business locations associated with Vivo India and discovered that half of local sales were transferred to overseas to evade tax. The law enforcement then decided to freeze 119 bank accounts associated with Vivo India.
After the start of the investigation, the spokesperson of the Chinese embassy in India said that India’s operation targeting Chinese companies not only disrupts the normal business operation of companies and ruin companies’ reputation but also makes it difficult for the business environment in India to be improved. The spokesperson also said that such acts hurt companies’ confidence in investing in India.
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