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The CFO of Chinese telecommunications giant Huawei Technologies Meng Wanzhou has been arrested by Canadian authorities with an extradition request from the U.S. over Iran sanctions violations. Meng is also daughter of company founder Ren Zhengfei.

 Huawei meng wanzhou

Shenzhen-based Huawei is the world’s second-largest maker of telecommunications equipment.

Canadian authorities in Vancouver have arrested Huawei Technologies Co.’s chief financial officer. This is the latest chapter in Huawei's issues which include Huawei New Zealand and Australia blocking Huawei equipment on the grounds of national security. The US administration has been urging it's allies to avoid using Huawei products on security conerns.

“Wanzhou Meng was arrested in Vancouver on December 1. She is sought for extradition by the United States, and a bail hearing has been set for Friday,” Justice department spokesperson Ian McLeod said in a statement to The Globe and Mail. “As there is a publication ban in effect, we cannot provide any further detail at this time. The ban was sought by Ms. Meng.

A Canadian source with knowledge of the arrest said U.S. law enforcement authorities are alleging that Ms. Meng tried to evade the U.S. trade embargo against Iran but provided no further details.

U.S. prosecutors in New York have been investigating whether Huawei violated U.S. sanctions in relation to Iran with the story breaking in April 2018 when it was reported by the Wall Street Journal. Since at least 2016, U.S. authorities have been reviewing Huawei's alleged shipping of U.S.-origin products to Iran and other countries in violation of U.S. export and sanctions laws.

With the US and China in angoing trade war with U.S. President saying the recent meeting between himeself and Chinese leader Xi the arrest comes at a very uneasy, some would say unhelpful time.

Source: The Globe and Mail

 From The Traders Community News Desk

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