India probes ZTE, Vivo as more China firms under scrutiny

30/5/2022 5:42:00 PM

Tech: India probes ZTE, Vivo as more China firms under scrutiny - Bloomberg

Tech: India probes ZTE, Vivo as more China firms under scrutiny - Bloomberg

(May 30): India is probing the local units of ZTE Corp and Vivo Mobile Communications Co for alleged financial improprieties, according to documents seen by Bloomberg, extending an investigation into other China-based firms after fining Xiaomi Corp.The Ministry of Corporate Affairs will scrutinize auditor reports and has received information from unnamed sources that indicates potential violation including fraud, according to the documents. In the case of Vivo, an inquiry was sought in April to detect if there were “significant irregularities in

Bloomberg, extending an investigation into other China-based firms after fining Xiaomi Corp.The Ministry of Corporate Affairs will scrutinize auditor reports and has received information from unnamed sources that indicates potential violation including fraud, according to the documents. In the case of Vivo, an inquiry was sought in April to detect if there were “significant irregularities in ownership and financial reporting” while authorities were asked to study the books of ZTE and submit findings “on urgent basis,” according to the documents.

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(May 30): India is probing the local units of ZTE Corp and Vivo Mobile Communications Co for alleged financial improprieties, according to documents seen by Bloomberg , extending an investigation into other China-based firms after fining Xiaomi Corp.05- 30- 2022 07:00 PM People wait in a queue to buy kerosene at a fuel station, amid the country’s economic crisis in Colombo, Sri Lanka, May 18, 2022.The Aadhaar card, which has a unique number tied to an individual’s fingerprints, face and eye scan, aims to block theft and leakage in India’s welfare schemes.Topping the list of nations contributing the most travellers to Thailand was Singapore, while the top five is made up of Asian nations.

The Ministry of Corporate Affairs will scrutinize auditor reports and has received information from unnamed sources that indicates potential violation including fraud, according to the documents. In the case of Vivo, an inquiry was sought in April to detect if there were “significant irregularities in ownership and financial reporting” while authorities were asked to study the books of ZTE and submit findings “on urgent basis,” according to the documents. Energy Minister Kanchana Wijesekera said on Monday he met Central Bank of Sri Lanka (CBSL) governor Nandalal Weerasinghe and discussed the forex requirements of the state-run Ceylon Petroleum Corporation (CPC). Representatives for ZTE and Vivo didn’t reply to emails seeking comment. The new statement said the Aadhaar ecosystem had adequate features to protect the identity and privacy of users, and that users are only advised to exercise “normal prudence”. An email to the spokesperson for the ministry of corporate affairs wasn’t answered. US$100 million will be facilitated through the existing Indian credit line,“ he said in a social media post. India has tightened scrutiny of China-based firms since 2020, when the two nations saw the deadliest fighting in decades at their disputed Himalayan border. From Wednesday, June 1, Thai nationals will no longer have to apply for the pass though the requirement will remain for foreign travellers.

Prime Minister Narendra Modi’s government has banned more than 200 mobile applications from Chinese providers, including shopping services from Alibaba Group Holding Ltd. Sri Lanka, in the midst of its unprecedented economic crisis, has received Indian financial support in the form of flexible loans. The warning triggered alarm on social media as screengrabs of the press release and news articles went viral, with the issue among the top 10 trending topics in India on Twitter on Sunday., the TikTok short video hit from ByteDance Ltd and apps used on Xiaomi’s phones. This month the country’s anti-money-laundering agency took control of the bank accounts of Xiaomi Technology India for allegedly breaching foreign-exchange laws, a decision that was put on hold following a court order. The meeting “explored the possibility of increasing and restructuring the assistance provided by India in the form of credits for essential commodities and fuel as well as balance of payment support,“ the Sri Lankan diplomatic mission in New Delhi said in a statement. The Ministry of Corporate Affairs has started the process of inspecting books of accounts of more than 500 Chinese companies, according to a person with knowledge of the matter.” “People have been freely giving other identity documents. Apart from ZTE and Vivo, this includes Xiaomi, Oppo, Huawei Technologies, several Indian units of Alibaba Group such as Alibaba. An IMF team led by Peter Breuer and Masahiro Nozaki last week concluded a virtual mission with the Sri Lankan authorities.

com India E-commerce Pvt. Ltd, and Alibaba Cloud (India) LLP, the person said, asking not to be identified as the details are private. The discussions covered “a comprehensive reform package to restore macroeconomic stability and debt sustainability”. – Reuters Article type: free. Representatives for Xiaomi, Oppo, Huawei and Alibaba didn’t reply to emails seeking comment. The ministry, in some cases, has sent letters to the firms seeking details on directors, shareholders of the companies, ultimate beneficiaries and owners, while it is in the process of seeking similar details from the rest of the companies, the person said.” - Bernama. A report is expected in July, the person added.

Once the inspection reports are ready, the ministry would decide on whether further investigation by the serious fraud office is needed, the person said. Subscribe to Mid-day email alert We deliver news to your inbox daily .