Published: Thu, December 06, 2018
Markets | By Noel Gibbs

Canada arrests CFO of China’s Huawei Technologies

Canada arrests CFO of China’s Huawei Technologies

A Huawei spokesman said Wednesday that Ms. Meng was arrested while transferring flights in Canada.

According to The Globe and Mail, it is alleged that Meng attempted to evade USA trade sanctions against Iran.

USA officials have been investigated Huawei over alleged violations of the country's sanctions on Iran and are seeking to extradite Meng. If Meng has been arrested for violating these restrictions, then this would mark the start of another significant technology export regulation case for the US.

Daily December E-mini S&P 500 Index
Daily December E-mini S&P 500 Index

Huawei's global chief financial officer was arrested in Vancouver, B.C., on December 1 on suspicion of violation of USA sanctions against Iran, according to a report in The Globe and Mail. "She is sought for extradition by the United States and a bail hearing has been set for Friday", he said.

As there is a publication ban in effect, which was requested by Meng, the department declined to provide any further detail of the extradition.

It comes as Huawei is said to be facing a probe by the U.S. Justice Department for violating sanctions against Iran.

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Mark Warner want Canada to follow the USA and Australia and block Huawei from supplying equipment that would connect Canadians to the high-speed mobile network known as 5G.

China demanded her immediate release, and a former Canadian envoy to China warned the case might lead to retaliation by the Chinese against American and Canadian executives. Its devices have come under scrutiny from United States authorities over spying fears, and the arrest of its CFO has the potential to further inflame tensions between the two countries amid a mounting trade war.

In April, the Wall Street Journal reported that Huawei was being investigated by NY prosecutors on suspicion of breaking the Iran sanctions.

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Meng who also uses the first names Cathy and Sabrina, was a board member of a Huawei-linked company in Hong Kong, Skycom Tech. "The company believes the Canadian and USA legal systems will ultimately reach a just conclusion", the statement said. BT still planned to use Huawei phone mast antennas and some other products from Huawei, it said.

USA authorities are investigating whether Chinese tech giant Huawei violated sanctions on Iran.

Huawei overtook Apple earlier this year to move into the No. 2 spot, according to Business Insider.

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Huawei, for its part, has denied sharing information with the Chinese government, as has ZTE.

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