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Huawei CFO to appear in Canada court in US extradition case

07 December, 2018, 12:08 | Author: Lawrence Cooper
  • Asian markets tumble, China tech hit after Huawei arrest

Ms Meng's arrest is part of an ongoing investigation by U.S. prosecutors into whether Huawei violated banking laws as it sought to evade sanctions against Iran by routing a series of transactions through HSBC Holdings, according to a person briefed on the matter.

"Neither the USA nor Canada has made any clarification on the reason for the detention so far", he said.

Huawei is not the first Chinese telecoms equipment firm to face the ire of United States authorities.

"If the Trump administration were really serious about Iran, that would be the overwhelming priority, and it wouldn't have granted waivers to eight countries allowing them to import Iranian oil", Miller said.

The British bank HSBC is cooperating with US authorities in its investigation, people familiar with the matter said Thursday.

Mr Bolton, in addressing the arrest in the NPR interview, stressed that the conduct of Chinese companies - and especially technology companies - is a central issue in the trade dispute with the US.

The Vancouver houses, one on Matthews Ave.in Shaughnessy, the other on West 28th Avenue in Dunbar, are registered to Xiaozong Liu - according to B.C. Land Title registry records - the same name as Meng's husband, who is identified in Chinese media.

The ar‌‌re‌s‌t was praised by at least one American official, Republican Senator Ben Sasse (Nebraska), who, in a statement, accused China of undermining the "national security interests" of the U.S."Sometimes Chinese aggression is explicitly state-sponsored and sometimes it's laundered through many of Beijing's so-called "private" sector entities that are in bed with [Chinese President] Xi's communist party", said Sasse. Yet US national security advisor John Bolton has publicly said that he did know, and Canadian prime minister Justin Trudeau said he was given "a few days notice".

Trudeau says the government respects its independent judiciary process and there was no political involvement.

Canadian Justice Department spokesman Ian McLeod confirmed her arrest on Wednesday, but said he could not provide further details on the case due to a publication ban imposed at Meng's request.

The renewed fear that trade tensions could escalate has roiled global stock markets.

"There have been global concerns about the two companies' ties with the Chinese government".

Japan's Nikkei shed 1.9 percent - closing at its lowest level since October 30 - while Hong Kong's Hang Seng dropped 2.9 percent. In the USA, stocks knocked more than 780 points off the Dow Jones Industrial Average before the Dow rallied to finish just 79 points down.

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U.S. media have reported that the United States is investigating Huawei for potential violations of USA sanctions against Iran. The Globe and Mail reported earlier Wednesday that she was arrested on suspicion of violating US trade sanctions on Iran.

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"We have made solemn representations to Canada and the USA, demanding that both parties immediately clarify the reasons for the detention, and immediately release the detainee to protect the person's legal rights".

That was until her shock arrest in Canada at the request of U.S. authorities on Wednesday, a move that has entangled her in the protracted diplomatic tensions between Washington and Beijing.

Meng rose through the company ranks through hard work rather than privilege, said Wenran Jiang, a senior fellow at the University of British Columbia's Institute for Asian Research.

But the timing of the arrest tangles the issues as it came just as Presidents Trump and Xi reached a temporary trade war truce.

Washington also regards Beijing's ambitious long-term development plan, "Made in China 2025", as a scheme to dominate such fields as robotics and electric vehicles by unfairly subsidizing Chinese companies and discriminating against foreign competitors. He said targeting Huawei, one of its most successful companies, "will trigger anti-U.S. sentiment".

So far, China has tempered its response to Ms Meng's detention.

British Telecom said this week that it would stop using Huawei equipment in its 5G network, the BBC reported, and USA lawmakers have lobbied Canada's prime minister to freeze out the Chinese supplier.

Earlier this year the Australian Government banned Huawei from taking part in the rollout of 5G mobile infrastructure over national security concerns.

An HSBC spokesperson declined to comment on Thursday. Washington has been pushing other countries not to buy the equipment from Huawei, arguing that the company may be working stealthily for Beijing's spymasters.

U.S. authorities have been probing Huawei since at least 2016 for allegedly shipping US-origin products to Iran and other countries in violation of USA export and sanctions laws, sources told Reuters in April.

Trump tweeted that he shared Beijing's optimism about a potential trade deal.

U.S. intelligence agencies allege that Huawei is linked to China's government and that its equipment could contain "backdoors" for use by government spies.

In exchange, ZTE agreed to pay a hefty $1 billion fine and put an additional $400 million in escrow in case of future violations.

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