Xiaomi filed a complaint against the US Defense and Treasury Departments in a Washington district court this Friday. According to Xiaomi, the US Defense and Treasury Departments are seeking to remove them from the market. The claim made by the US Defense and Treasury Departments is that Xiaomi has ties with China’s military.
The US Defense Department, led by the Trump administration in mid-January, said Xiaomi and eight other companies were added to the list. They asked the American investors to divert their share of investments from the firms listed to other hoardings.
Xiaomi called the judgment “unlawful and unconstitutional” and said the company was not controlled by the PLA (People’s Liberation Army). This irked the US Defence administration’s eye as the founders are the senior members of the Chinese Communist Party.
They also claimed the following step would cause extreme harm to the company. In a complaint it was addressed to Biden-appointed Defense Secretary Lloyd Austin and Treasury Secretary Janet Yellen
Xiaomi said three fourth of the company’s voting rights are under a weighted structure are held by co-founders Lin Bin and Lei Jun. There is no ownership or control from an individual or entity and absolutely nothing affiliated with the military.
The company’s strategic relationships with US financial institutions are critical for Xiaomi to continue to access the capital it needs to continue to grow in a highly competitive market. It will significantly damage the company’s financial health.
They offer a good return at the same time said the plea made by the company. “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.” There hasn’t been any response from the US Department of Defense and the Treasury Department.
Xiaomi pushes towards a legal battle against the States on the ban
Why America is paying no heed to the coronavirus mutations streaming across the globe
Mental health stigma considering the Americans and the Asians
The compromising healthcare business
The rigid pavement post the pandemic
Fancying a healthy diet in 2021, how about the Mediterranean?
Will cyber trucks change the way logistics work?
Why are Americans moving towards an MBA post the pandemic
Keeping up with the fit Americans!
Biden’s attempt of undoing the wrong; long-awaited Health initiative
How Efthymios Savvidis Is Disrupting The Instagram Growth Industry
Emerging Hip-hop Artist, Taz Forte, has Carved Out his Own Space in the Music World
Facebook and Instagram suspend James Panos
Overcoming Fear and Negativity as an entrepreneur, with Fashion Model Georgina Gentle
Payday Loans help People Fulfill their Financial Needs Instantly
Read on to know how UK award winning authors and entrepreneurs – Bianca Miller-Cole and Byron Cole are opening opportunities through their scholarship programs
Sari Jaber “The only way to upscale the community at times of pandemics is through philanthropic work”
6 Tips For Improving Your Construction Equipment Sales
Portable Ramps Facilitate Complete Freedom for Physically Disabled and Elderly People
Going Above and Beyond in the Concierge Industry with Sunil “Shahs” Patel
Search USA Reformer
Lifestyle5 months ago
On Spotlight: Dr. Simon Ourian, new age celebrity cosmetic doctor to the Kardashians and many others
Lifestyle7 months ago
Visionary Artist, Majed Veysel, is Inspiring Youngsters to See the World with their Own Eyes
Technology4 months ago
Cloud hosting is not for everyone
Lifestyle4 months ago
3 Simple Rules for Tape in Extensions Hair Care
Business8 months ago
Colin Wayne & Redline Steel Have Innovated the Booming Steel Home Decor Industry
World7 months ago
How US Citizens can beat Queue for Tourist or Business Visa for India
Lifestyle4 months ago
Beauty and Makeup Products Company, Inelz Glow™, is Working to Bring Revolution in the Skincare Industry
World7 months ago
Chief Diversity, Inclusion and Equity Officer Veronica Calderon Discusses The Tale of Two Pandemics!