Huawei CFO Wanzhou Meng Arrested In Canada

06 December, 2018, 22:52 | Author: Mary Valdez
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Similar allegations of breaching US export restrictions led to rival Chinese telecoms equipment maker ZTE Corp being hit with a devastating ban and heavy fines this year.

"That means the intelligence agencies in Canada and the US were tracking her and planning to arrest her for some time", he said.

China is demanding the release of telecoms giant Huawei's chief financial officer, who has been detained in Canada.

According to a statement obtained by the Richmond News from the Department of Justice Canada, Wanzhou Meng was arrested in Vancouver on December 1.

The arrest will not help the 90-day tariff truce the nations agreed after President Donald Trump and his Chinese counterpart Xi Jinping met at the G20.

The Wall Street Journal reported in April that American authorities are investigating whether the Chinese tech company violated sanctions on Iran.

He points out the arrest comes at a trying time for U.S.

"The company has been provided very little information regarding the charges and is not aware of any wrongdoing by Ms. Meng", the statement said.

"No matter how much the Canadian side says that we're just following legal procedures, Chinese officials probably will believe that the arrest was directed or tacitly supported at very senior levels", he said.

Huawei released a statement saying its CFO was arrested while changing planes in Vancouver and is facing charges in "the Eastern District of NY".

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Meng Wanzhou is also a vice-chair on Huawei's board of directors and the daughter of Huawei founder Ren Zhengfei.

The detention of Meng Wanzhou, Huawei's chief financial officer, comes after American authorities reportedly launched an investigation into suspected Iran sanctions violations by Huawei, which was already under scrutiny by United States intelligence officials who deemed the company a national security threat.

ZTE is China's second-largest telecommunications equipment maker and relies on US components for its smart phones and networking equipment. ZTE, China's second-largest telecoms equipment maker, agreed to pay $1.4 billion in total fines to the United States after Washington slapped a ban in April on purchases of essential American components for seven years to punish the company for Iran sanctions violations.

The Chinese Embassy in Canada condemned the detention of Ms Meng denying she had violated Chinese or U.S. laws.

However, according to a recent report by The South China Morning Post, on October 29, Meng had told Huawei employees in an internal talk on compliance that there are scenarios where the company can weigh the costs and accept the risks of not meeting the requirements of the law. Huawei is one of the world's largest makers of handsets and telecommunications network equipment. Huawei has since been blocked from selling its gear in Australia and New Zealand, got frozen out of a Korean contract, and faces USA -led competition even in Papua New Guinea.

China's embassy in Canada said it resolutely opposed the arrest and called for Meng's immediate release. The top-line stat you'll read about Huawei (pronounced "wah-way") is that it recently surpassed Apple to become the number-two manufacturer of mobile phones in the world, second only to Samsung.

Senator Chris Van Hollen, a Maryland Democrat, said Wednesday night that Huawei and ZTE "are two sides of the same coin - Chinese telecommunications companies that represent a fundamental risk to American national security".

Asian markets and United States futures plummeted overnight as news broke that Huawei's CFO had been arrested in Canada to be extradited back to the US.

Meng's arrest also threatened to inflame disagreements over Iran and Trump's decision to break with other governments and re-impose sanctions over the country's nuclear development.

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