Published: Thu, December 06, 2018
Finance | By Jaime Brady

Huawei CFO reportedly arrested in Canada for breaking US-Iran trade sanctions

Huawei CFO reportedly arrested in Canada for breaking US-Iran trade sanctions

A spokesperson from the federal Justice Department said the chief financial officer of Huawei Technologies was arrested.

Chinese telecom equipment giant Huawei's Chief Financial Officer Sabrina Meng Wanzhou has been detained by Canadian authorities at the request of the United States government, reportedly on suspicion that she violated USA trade sanctions with Iran.

Justice Department spokesman Ian McLeod said Wednesday that Meng Wanzhou was arrested in Vancouver, British Columbia, on Saturday.

She will face a bail hearing on Friday, the spokesman for Canada's Department of Justice said.

The Globe and Mail reported Wednesday that USA authorities allege Meng attempted to evade the US trade embargo with Iran, though StarMetro has not independently verified this claim.

David Mulroney, a former Canadian ambassador to China, said USA and Canadian business executives could face reprisals in China.

The company also noted, "Huawei complies with all applicable laws and regulations where it operates, including applicable export control and sanction laws and regulations of the UN, US and European Union".

The investigation, launched by the Justice Department in 2016, alleges that Huawei had been shipping US origin products to Iran and the other countries in violation of USA export and sanction laws.

U.S. national security officials have said Huawei poses a security risk due to its alleged close links to the Chinese government.

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Asked about the report that Huawei was under investigation, Hua said in April, "We hope the USA will refrain from taking actions that could further undermine investor confidence in the USA business environment and harm its domestic economy and normal, open, transparent and win-win worldwide trade".

ZTE is China's second-largest telecommunications equipment maker and relies on USA components for its smart phones and networking equipment.

The arrest was made reportedly at the request of US law enforcement officials.

In 2012, the House of Representatives released a report warning Huawei poses a national security threat to the US, and American companies and its government should avoid doing business with the company.

Huawei's CFO was arrested in Canada, according to a new report in The Wall Street Journal. And perhaps more importantly, US officials have urged other countries to ban telecom companies from purchasing Huawei equipment.

Mr Little won't reveal what significant national security risks Huawei poses saying the information was classified.

Last week, New Zealand's Government Communications Security Bureau (GCSB) rejected a proposal from Spark under which it would have used network access equipment from Huawei to build a 5G network, which it wants to have running in 2020.

Mulroney said Canada should be prepared for "sustained fury" from the Chinese and said it will be portrayed in China as Canada kowtowing to Trump.

Huawei itself has been increasingly on the rocks with the U.S. for the past year.

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