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China's tech corporation Xiaomi sues US over investment ban: Details here

Chinese conglomerate Xiaomi on Sunday said that it has filed a lawsuit against the US Defense and Treasury departments, seeking reversal of a decision to block US investments

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Xiaomi | Xiaomi smartphones | Chinese smartphones

IANS  |  San Francisco 

Xiaomi

Chinese conglomerate on Sunday said that it has filed a lawsuit against the US Defense and Treasury departments, seeking reversal of a decision to block US investments.

The company filed the lawsuit in the US District Court of Columbia on January 29.

"With a view to protecting the interests of the global users, partners, employees and shareholders of the company, the company has pleaded to the courts to declare the decision illegal and that it be reversed," said in a statement.

The move comes after the US Department of Defense earlier this month blacklisted as a "Communist Chinese military company".

This designation qualifies Xiaomi to fall under former US President Donald Trump's Executive Order from November that bars American investors from buying securities from such companies.

"Xiaomi faces imminent, severe, and irreparable harm if the Designation remains in place and the restrictions take effect," the company said in the filing.

"Xiaomi is not owned or controlled or otherwise affiliated with the Chinese government or military, nor is it owned or controlled by any entity affiliated with the Chinese defense industrial base," it added.

The move to designation Xiaomi as a "Communist Chinese military company" came amid heightened trade tensions between China and the US under the Trump administration.

--IANS

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(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Mon, February 01 2021. 07:03 IST
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