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Xiaomi sues US government over investment blacklist, seeks ban reversal

Xiaomi sues US government over investment blacklist, seeks ban reversal

  • Xiaomi is suing the US Defense and Treasury departments.
  • The agency needs to be faraway from a US funding blacklist for firms with ties to the Chinese army.

Xiaomi has filed a lawsuit in opposition to the US Departments of Defense and Treasury.

In an official announcement signed by Chairman Lei Jun, the agency famous that the US administration’s resolution to deem it a “Communist Chinese army firm” was “factually incorrect.” It has pleaded to the Columbia district court docket to declare the choice unlawful and reverse it.

The litigation follows Xiaomi’s earlier assertion on January 15, whereby it mentioned that it complies with all of the related legal guidelines and rules.

To be clear, Xiaomi hasn’t been added to the identical blacklist as Huawei. The latter is on a extra damaging US Entity List, barring it from doing enterprise with American firms.

In the case of Xiaomi although, the blacklisting, if upheld, would require US institutional traders to divest their holdings from the corporate by November.

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Xiaomi has additionally written to Biden-appointed Defense Secretary Lloyd Austin and Treasury Secretary Janet Yellen, saying that the funding restrictions would trigger it “speedy and irreparable hurt.”

We’ll have to attend and watch how the matter proceeds and if Xiaomi has higher luck with the Biden authorities than it did with the Trump administration.

EditorialTeam

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