in a report published in the South China Morning Post.
According to the report, Zhao said the company’s Indian business would continue to be managed by local partners and remain operational, though it’ll adopt a “very safe approach”.
Chinese smartphone brands such as Vivo and Oppo have been facing tightening regulatory pressure from India’s central agencies due to alleged fraudulent practices and tax evasion.
Last month, the
Enforcement Directorate (ED) raided the offices of Vivo and its associated companies and froze their bank accounts on suspicion of money laundering. The ED
has accused Vivo of destabilising India’s financial system and threatening its sovereignty.
The Directorate of Revenue Intelligence (DRI)
detected customs duty evasion of nearly Rs 4,389 crores by Oppo’s Indian arm on July 13.
At its peak in 2018, Honor held a 3% market share in India. It fell out of the top five after the US government imposed crippling sanctions on its former parent, Huawei.
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