Huawei CFO arrested for violating USA trade sanctions

Huawei's global chief financial officer arrested in Vancouver

China demanded her immediate release, and a former Canadian envoy to China warned the case might lead to retaliation by the Chinese against American and Canadian executives.

"Wanzhou Meng was arrested in Vancouver on December 1".

"If I was an American tech executive, I wouldn't travel to China this week", warned Lewis, who labeled Huawei "one of the Chinese government's pet companies" and charged the communist country's leaders wouldn't be afraid to "take hostages". They agreed to a 90-day truce in an escalating trade war that is threatening world economic growth and has set global investors on edge.

The arrest of Meng - the daughter of the founder of one of China's most important companies - serves as a fresh reminder that the United States and China remain in a trade war, despite the ceasefire reached last weekend in Argentina.

"As there is a publication ban in effect, we can not provide any further detail at this time", department spokesperson Ian McLeod said in a statement to the newspaper.

She appeared in court on Wednesday, and is due back for a bail hearing on Friday. Earlier this year, it was reported that Huawei continued to sell network equipment to the Persian Gulf nation despite Washington's punitive measures.

A Wall Street Journal report last month said the US government was trying to persuade wireless and internet providers in allied countries to avoid equipment from Huawei.

"The ban was sought by Ms. Meng". "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 EU", Huawei wrote in the statement. "The Chinese side firmly opposes and strongly protests over such kind of actions which seriously harmed the human rights of the victim", its statement read.

A US Justice Department spokesman declined to comment. Meng was detained in Vancouver but is facing potential extradition to the USA, which had earlier opened an investigation into whether Huawei sold equipment to Iran despite sanctions on exporting there.

Geng said the US and Canada haven't provided reasons for Meng's detention.

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The company had been investigated by United States intelligence, who deemed it a national security threat.

Trump has threatened to raise tariffs on Chinese goods in response to complaints that Beijing improperly pressures foreign companies to hand over technology.

Over the years, she has been director of the worldwide accounting department, chief financial officer of Huawei Hong Kong and president of the accounting management department at the company. -China relations. As of this morning, that relationship appears very, very rocky.

"That's something we should be watching out for". Huawei is by far China's most global technology company, with operations spanning Africa, Europe and Asia.

Stocks of most major chip manufacturers fell after news of the arrest broke, with chipmaker stocks usually serving as a bellwether for investor confidence in U.S.

"She was in transit though Vancouver".

Her detention was made at the request of US authorities.

He foresees a crisis in relations between the three countries if she is extradited and said any talk of free trade agreement between Canada and China would be over.

The chances of trade peace between the USA and China took a blow Thursday as it emerged Huawei chief financial officer Meng Wanzhou had been held in Canada and faces extradition to the United States over alleged Iran sanctions breaches by the firm.

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