Canada arrests CFO of China's Huawei Technologies

Canada arrests CFO of China's Huawei Technologies

The arrest has been made by Canadian law enforcement at the request of the United States over violating the Iran sanctions. Reuters was unable to determine the precise nature of the violations.

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

Huawei, China's largest maker of smartphones and telecommunications equipment, has been swept up in concerns that products made by Chinese technology companies are avenues for surveillance by the country's intelligence agencies.

The news sent shudders through Hong Kong and Shanghai markets, where tech firms were hammered.

Founded in 1987 by Ren Zhengfei, a former People's Liberation Army engineer, Huawei has always enjoyed favorable treatment from a government that - like the USA - remains wary of employing too much foreign technology for vital communications. Investors stampeded for the safety of government debt, pushing the yield on the USA 10-year Treasury note back below 2.9 percent to its lowest level in three months.

He added that the USA has had "enormous concerns for years about the [.] practice of Chinese firms to use stolen American intellectual property, to engage in forced technology transfers, and to be used as arms of the Chinese government's objectives in terms of information technology in particular".

In the view of the United States and many outside analysts, China has embarked on an aggressive drive to overtake America's dominance in technology and global economic leadership. Huawei has repeatedly insisted Beijing has no influence over it. Trump and Xi had dined in Argentina on December 1 at the G20 summit.

He also said the Iran allegations are very damaging to Huawei and said China will push back hard.

She was detained when she was transferring flights in Canada, it added.

People walk past an advertisement for Huawei at a subway station in Hong Kong, Dec. 5, 2018.

Others say Canada needs to stand firm in the face of Chinese pressure.

"The Chinese side firmly opposes and strongly protests over such kind of actions which seriously harmed the human rights of the victim", China said in a statement on its Canadian embassy's website.

"U.S. President Donald Trump should rein in the hostile activities of some Americans who may imperil Sino-U.S. relations". A spokesman for the USA attorney's office in Brooklyn also declined to comment.

BT confirms removal of Huawei 4G equipment - Telcos
EE has been continuing its pre-planned rollout of 4G - which uses the Chinese firm's kit - subsequent to the acquisition. Huawei is the world's largest supplier of telecommunications network equipment and second-biggest maker of smartphones.

She faces possible extradition to the United States after a bail hearing on Friday.

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

This time, the focus of the friction is on Meng Wanzhou, scion of a Chinese telecommunications giant.

Meng's arrest could have a significant effect on markets and on US-China relations.

"You can play hardball with a small country but you can't do it with the US", he said. It should increase interaction with the US and exert pressure when necessary. He said targeting Huawei, one of the most successful Chinese companies, "will trigger anti-US sentiment in China".

However, the topic ranked only 31st among trending items on Weibo as of Thursday afternoon, with many discussion threads apparently blocked, which is not unusual on China's heavily censored Internet. Huawei's smaller rival ZTE Corp pleaded guilty previous year to conspiring to evade embargoes by selling US equipment to Iran.

The News understands that an arrest was made at or near Vancouver Airport on Saturday.

"Relations between the USA and China were supposed to be on the mend after a productive G20".

Surprising as the move was, USA officials have made little secret of their dissatisfaction with Huawei. Trump restored access after ZTE agreed to pay a $1 billion fine, replace its executive team and embed a USA -chosen compliance team in the company.

Meng faces extradition to the USA, where investigators are probing Huawei's alleged non-compliance with sanctions on Iran.

Wang Heng, a Chinese business law professor at the University of New South Wales in Australia, told the Hong Kong-based newspaper that the USA could use Meng to put pressure on Beijing if it doesn't meet Trump's deadline to hammer out a resolution in the trade dispute.

Meng, 46, is deputy chairwoman of Huawei Technologies, one of China's telecom giants and a family business founded in 1987 by her former military-engineer father Ren Zhengfei.

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