Huawei finance chief Meng Wanzhou arrested in Canada

Trouble

Trouble

China's embassy in Ottawa is demanding the immediate release of Huawei Technologies' chief financial officer, who was arrested in Vancouver over the weekend and faces possible extradition to the United States.

Meng, who is one of the vice chairs on the Chinese technology company's board and the daughter of company founder Ren Zhengfei, was arrested on December 1 and a court hearing has been set for Friday, a Canadian Justice Department spokesman said, according to the Globe and Mail. The ban was sought by Meng, who has a bail hearing 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. In a statement, Huawei said Meng was changing flights in Canada when she was detained "on behalf of the United States of America" to face "unspecified charges" in NY.

China on December 6 demanded that Canada release an executive of Chinese tech giant Huawei who was arrested in a case that compounds tensions with the United States and threatens to complicate trade talks.

Meanwhile, Huawei said that it has received little information about the case and was not aware of any wrongdoing on the part of Meng.

Hong Kong: Shares across Asia plunged Thursday, with technology firms in Hong Kong and Shanghai battered after the arrest of a top executive at Chinese telecoms giant Huawei that has also fuelled fears about the recent China-US trade deal. China criticized the U.S. and Canada for the arrest, demanding her immediate release.

The Chinese embassy in Canada responded to news of Meng's arrest by lodging stern representations against the USA and Canadian governments and calling for her immediate release.

The Wall Street Journal reported in April that US Department of Justice had opened an investigation into suspected violations of Iran sanctions by Huawei.

Meng Wanzhou's detention comes after American authorities reportedly launched an investigation into suspected Iran sanctions by Huawei, which was already under scrutiny by U.S. intelligence officials, who deemed the company a national security threat. Huawei said it complies with all laws and rules where it operates, including export controls and sanctions of the United Nations, the U.S. and European Union.

Privately held Huawei recently surpassed Apple as the second biggest maker of cellphones after South Korea's Samsung Electronics.

The arrest by Canadian authorities of Meng stems from an allegation that another company which she managed violated a USA ban against selling technology to Iran.




"The rapidly dwindling good-feeling towards the USA and China's vague trade war ceasefire turned actively hostile on Thursday, investors fearing that, 90-day truce or not, the relationship between the two superpowers might be about to take a turn for the worse".

It says China will closely follow the developments on the case and "take all measures to resolutely protect the legitimate rights and interests of Chinese citizens". American officials have sought to persuade other nations to curb business ventures with Huawei because of security concerns.

Huawei's relationship with the US just took a turn for the worse.

The CFO, Wanzhou Meng, was arrested for allegedly breaching Iran sanctions.

The escalating trade war is threatening world economic growth and has set global investors on edge.

Donald Trump last month reinstated all the U.S. sanctions on Iran that had been removed under a 2015 nuclear deal.

A user of China's Twitter-like Weibo platform said Chinese should boycott products made by US tech giant Apple Inc and instead buy Huawei products to show support for one of China's national champions.

Some element of calm was restored in Asia on Wednesday after supportive comments from Beijing - its first reaction to hopes a new trade agreement between the United States and China could be reached within a 90-day deadline.

The Wall Street Journal reported last month that U.S. officials had briefed counterparts in countries including Germany, Japan and Italy on potential security risks from Huawei equipment.

The SCMP obtained a transcript of an internal question-and-answer between Meng and her father, Huawei's founder Ren Zhengfei.

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