PAVLO GONCHAR / ZUMA PRESS / CONTACTOPHOTO – Europa Press

Xiaomi filed a lawsuit on Friday against the US Defense and Treasury departments until they reversed its decision to place it on a blacklist banning US investments in the company.


Written by Europa Press

Sat 30 Jan 2021 03:53 pm

PAVLO GONCHAR / ZUMA PRESS / CONTACTOPHOTO – Europa Press

Madrid, 30 (Europe Press)

Xiaomi filed a lawsuit on Friday against the US Defense and Treasury departments until they reversed its decision to place it on a blacklist banning US investments in the company.

In a lawsuit filed in the District Court of Columbia, Xiaomi asserted that it is neither owned nor controlled by the Chinese government or the Chinese military, which is a reason for its inclusion on the list during the final days of the former president’s ruling. US administration Donald Trump.

“Xiaomi faces imminent, serious and irreversible damage if the decision remains in effect and the restrictions come into effect, as the Chinese company says in the lawsuit, according to the US Bloomberg Agency, with access to the text, in which the Chinese company annulled the” unconstitutional “decision taken by the government The United States at that time.

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North American state investment funds such as Blackrock, State Street Corporation, or Vanguard are shareholders in the Chinese company and will have to sell their participation before November if the company, one of the world’s largest cell phone manufacturers, continues on the list.

Likewise, the American chip company Qualcomm is one of the largest shareholders of the Chinese company.

Besides Xiaomi, other Chinese tech companies such as semiconductor manufacturer SMI, Huawei or drone company DJI have also been included in the list that also prohibits US companies from selling tech items to them without government approval.

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