Court ruling suspends U.S. ban on investment in Xiaomi: Bloomberg

Court ruling suspends U.S. ban on investment in Xiaomi: Bloomberg

News: Court ruling suspends U.S. ban on investment in Xiaomi: Bloomberg.

(Reuters) – A federal judge temporarily prevented the U.S. Department of Defense from restricting U.S. investments in Chinese smartphone maker Xiaomi Corp, Bloomberg reported on Friday.

The Department of Defense, under the Trump administration in mid-January, added Xiaomi and eight other companies to a list requiring American investors to sell their stakes in the companies on time.

In late January, Xiaomi filed a complaint with a Washington court to be removed from the list.

The US District Judge Rudolph Contreras temporarily suspended the ban on Xiaomi on Friday, the report said.

Contreras said Xiaomi will likely win a full ban lift as the litigation unfolds, the bloom.bg/38zRbY1 report added.

Xiaomi and the Department of Defense did not immediately respond to Reuters’ requests for comment.

Reporting by Praveen Paramasivam in Bengaluru; Adaptation by Cynthia Osterman

Original Source © Reuters

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