Wednesday, February 24, 2021
Protect Your Immune System Today!
Home Gadgets Xiaomi Files Legal Complaint Against US Defence, Treasury Ban

Xiaomi Files Legal Complaint Against US Defence, Treasury Ban


Xiaomi filed a complaint in a Washington district court on Friday against the US Defense and Treasury Departments, seeking to remove the Chinese smartphone maker from an official list of companies with ties to China’s military.

The US Defense Department, under the Trump administration in mid-January, added Xiaomi and eight other companies to the list, which requires American investors to divest their holdings in the firms by a set deadline.

In the complaint, addressed to Biden-appointed Defense Secretary Lloyd Austin and Treasury Secretary Janet Yellen, Xiaomi called the judgment “unlawful and unconstitutional” and said the company was not controlled by the People’s Liberation army.

It added that the investment restrictions, which go into effect on March 15, 2020, would cause “immediate and irreparable harm to Xiaomi.”

Xiaomi said 75 percent of the company’s voting rights, under a weighted structure, were held by co-founders Lin Bin and Lei Jun, with no ownership or control from an individual or entity affiliated with the military.

It added that a “substantial number” of its shareholders were US persons, and noted three of its top-ten holders of ordinary shares were US institutional investment groups.

“The company’s strategic relationships with US financial institutions – critical for Xiaomi to continue to access the capital it needs to continue to grow in a highly competitive market – will be significantly damaged,” the complaint stated.

“Moreover, the public association of Xiaomi with the Chinese military will significantly impair the company’s standing with business partners and consumers, causing reputational harms that cannot be readily quantified or easily repaired.”

The US Department of Defense and the Treasury Department did not immediately respond to requests for comment.

© Thomson Reuters 2021


Is Mi 10i a OnePlus Nord killer? We discussed this on Orbital, our weekly technology podcast, which you can subscribe to via Apple Podcasts, Google Podcasts, or RSS, download the episode, or just hit the play button below.



Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Most Popular

Forest Green Rovers hope recycled coffee kit will prove a good fit

Rovers, owned by 'green energy' entrepreneur Dale Vince, will road test the prototype in their League Two clash against against Colchester United.The club...

WEC news: Laurent scrambling for seat after late Alpine snub

The French driver concedes that a return to the WEC, where he has raced since 2017, is now unlikely and says his...

r/motorsports – Mazda RX-7

submitted by /u/TechMods199 Source link

SentinelOne | Aston Martin Cognizant Formula 1 Team | Cybersecurity

SentinelOne, the autonomous cybersecurity platform company, is announced today as the Official Cybersecurity Partner of Aston Martin Cognizant Formula 1 Team, as Aston...

Recent Comments