Huawei CFO Wanzhou Meng arrested in Vancouver, faces extradition to U.S.

US stocks slumped at the start of US trading following European and Asian shares lower as concern resurfaced that trade tensions between the world’s two largest economies are far from resolved

According to a statement from the Department of Justice, Meng was arrested in Vancouver on Saturday and is being sought for extradition by the United States.

Wanzhou, the deputy chair at the company and the daughter of Huawei founder Ren Zhengfei, was arrested on 1 December in Vancouver at the request of USA authorities.

We'll update you as this story continues.

In 2013, Reuters revealed that Meng served on the board of Skycom Tech, a Hong Kong-based firm that attempted to sell embargoed computer equipment to Iran's Mobile Telecommunication Co, in violation of trade sanctions.

Huawei issued a statement saying Meng was changing flights in Canada when she was detained "on behalf of the United States of America" to face "unspecified charges" in NY.

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

Huawei said it had little information about the charges and was "not aware of any wrongdoing by Ms Meng".

He declined to say more about the case, citing a publication ban requested by Ms Meng and ordered by the courts.

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Representatives of Huawei, one of the world's largest makers of telecommunications network equipment, could not immediately be reached for comment by Reuters.

The arrest is related to violations of United States sanctions, a person familiar with the matter said.

"The company believes the Canadian and US legal systems will ultimately reach a just conclusion".

The U.S. government has been concerned about Huawei for years because of uncertainty over its relationship with the Chinese government.

The Wall Street Journal reported the USA government was trying to persuade companies in allied countries to avoid Huawei.

New Zealand and Australia have stopped telecom operators from using Huawei's equipment in new 5G networks because they are concerned about possible Chinese government involvement in their communications infrastructure.

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

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