India Conducts Financial Probe Against ZTE and Vivo

The Indian Ministry of Corporate Affairs said it would investigate auditor reports of the Chinese telecommunication giants ZTE and Vivo for alleged financial irregularities.

According to a report by Bloomberg, the ministry has received documents that said an investigation into Vivo was requested in April this year to find out irregularities in ownership and financial reporting.  

The government has also intensified its investigation into Chinese firms doing business in the country and started inspecting books of accounts of more than 500 Chinese companies. 

In May, Xiaomi Technology allegedly breached foreign-exchange laws and so the Indian anti-money-laundering agency took control of the company’s bank accounts.  

The government is also investigating Oppo, Huawei Technologies, several Indian units of Alibaba Group, and Alibaba Cloud (India) LLP. 

Earlier, India banned more than 200 Chinese mobile applications, including apps used on Xiaomi’s phones, TikTok, and shopping services from Alibaba.  

Meanwhile, China’s Ministry of Foreign Affairs (MoFA) spokesperson Zhao Lijian expressed concern over the Indian investigations of Chinese businesses. 

Zhao said that the government has always demanded that Chinese enterprises conduct their overseas operations in compliance with local laws and regulations. 

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