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WEEK IN REVIEW: China will Serve as Co-Chair of Zambia’s New Creditor Committee

The President of Zambia, Hakainde Hichilema, speaks at the Mining Indaba in Cape Town on May 9, 2022. RODGER BOSCH / AFP

China, not South Africa or France, will serve as co-chair of Zambia’s new creditor committee, said Finance Minister Situmbeko Musokotwane.  “It does make sense for our biggest creditor to play a leading part, to take a leading role in the proceedings,” Musokotwane told Bloomberg late last week. “They are willing to participate as a co-chair, and we welcome that because it will improve the chances of resolution — them being the biggest single creditors,” he added. (BLOOMBERG)

Executives with the Chinese technology giant Xiaomi are accusing Indian authorities of threatening “physical violence” during interrogations as part of a massive financial crimes investigation. The government alleges the company illegally transferred $725 million abroad under the guise of “royalty payments.” The agency conducting the investigation, the Enforcement Directorate, brushed aside claims that Xiaomi staff are being mistreated as “untrue and baseless.” (REUTERS)

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