Rakuten on December 23
According to foreign media disclosures, the Enforcement Directorate of India (ED) recently arrested a number of senior executives of vivo India on the grounds of "anti-money laundering investigation", and the detained employees include the interim CEO and CFO of vivo India.
In October 2023, India's financial law enforcement agencies also arrested vivo employees on suspicion of money laundering.
A Vivo spokesperson said it was "deeply shocked" and said the company would resolutely use all legal means to address and challenge the allegations.
Chinese companies are continuing to explore the Indian market, but the Indian market is not friendly to Chinese companies. Previously, Xiaomi also encountered huge challenges in India, and also lost the number one position in the market that it had held for many years in the fourth quarter of 2022.
At the beginning of 2023, Lu Weibing, president of Xiaomi, said that 2023 is the year of adjustment of India's business strategy, and Xiaomi will give up seeking the first position to ensure the survival of its Indian business.
An industry insider pointed out that there is no ambiguity in India's "looting" of foreign-funded companies, and Chinese companies cannot take chances. India earns money and India spends, and they want to take it home. India and the United States now need each other, and in this context, large manufacturing companies in India can easily become the target of India's "looting".
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