Smartphone maker Xiaomi Corp has filed a lawsuit against the US Department of Defense and Treasury for being blacklisted by the US and accused of being affiliated with the Chinese communist military.
The Department of Defense, when the US was still under President Donald Trump, included Xiaomi and eight other companies on the list of companies related to the Chinese military, as quoted by Reuters, Sunday, January 31, 2021.
American investors were asked to split their holdings in these companies within a certain period of time.
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Xiaomi in the complaint file said the assessment was "illegitimate and unconstitutional", and insisted the company was not regulated by the People's Liberation Army.
The lawsuit, addressed to Defense Secretary Lloyd Austin and Treasury Secretary Janet Yellen in President Joe Biden's administration, also says the investment ban, effective March 15, will cause "immediate and irreparable damage to Xiaomi".
Xiaomi said 75 percent of the company's voting rights are held by their founders, Lin Bin and Lei Jun, with no ownership or control of any military-related person or entity.
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They also emphasized that there are "significant numbers" of US shareholders, with three out of the top ten common stockholders being US investment groups.
"Furthermore, public opinion that Xiaomi is associated with the Chinese military will significantly damage Xiaomi's position towards business partners and consumers, causing a damaged reputation that cannot be immediately calculated or easily repaired," said Xiaomi.
The US Department of Defense and Treasury have not yet issued a statement regarding Xiaomi's demands.***
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