Huawei hits back after chief Meng Wanzhou is held in Canada

Meng Wanzhou Executive Board Director at Huawei Attends the Vtb Capital's 'Russia Calling' Investment Forum in Moscow Russia on Oct. 2 2014. A Canadian prosecutor said on Dec. 7 2018 Meng faces charges for using 'fraud' to try

Huawei Technologies Co Ltd's chief financial officer faces U.S. accusations that she covered up her company's links to a firm that tried to sell equipment to Iran despite sanctions, a Canadian prosecutor said yesterday, arguing against giving her bail while she awaits extradition. Numerous analyses in the Western press have reminded readers that its technological achievements are a source of tremendous pride among China's leaders and people, and that Meng, who is the daughter of Huawei founder Ren Zhengfei, is Chinese "corporate royalty". What we do know about the Meng case is that she has been charged with being part of a conspiracy "perpetuated at Huawei's highest levels" to defraud banks-and if convicted faces up to 30 years in prison.

Huawei global chief financial officer Meng Wanzhou was arrested in Canada on December 1 and faces extradition to the United States.

The case has been adjourned until Monday.

U.S. prosecutors argue that Meng was not truthful to banks who asked her about links between the two firms, the court heard yesterday.

The US alleges that Huawei used a Hong Kong shell company to sell equipment in Iran in violation of USA sanctions.

The Supreme Court of British Columbia was told that Ms Meng had used a Huawei subsidiary called Skycom to evade sanctions on Iran between 2009 and 2014.

It has been a week since Canadian authorities arrested Huawei CFO Meng Wanzhou in Vancouver on fraud charges.

Dow futures slide after the arrest of Huawei CFO Meng Wanzhou in Canada; Doug McKelway reports from the White House.

Not surprisingly, the Chinese government has demanded Meng be released and claimed that her arrest is a potential human rights violation.

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"You can rely upon her personal dignity", he said, adding that to breach a court order "would be to humiliate and embarrass her father, who she loves". Until then, she will remain in custody.

Yesterday's court hearing is meant to decide on whether Meng can post bail or if she is a flight risk and should be kept in detention. Since learning of the investigation into her alleged activities, Meng has avoided the USA and other Huawei executives have stopped traveling to the US, he added.

Official details on the reasons for Meng's arrest have been slim, with the Star Vancouver reporting that USA authorities believe that Meng knew that a company called SkyCom, which did business with Iran while the country was under global sanctions, was a subsidiary of Huawei until at least 2014. At the time, Meng served as the management firm's company secretary. Huawei reportedly also received several warnings over violating Iranian sanctions. Huawei said the company had been given "very little information" about the charges and...

David Vigneault did not name China or Huawei in his speech, but he noted that "many of these advanced technologies are dual-use in nature in that they could advance a country's economic, security or military interests".

Meng entered the courtroom in downtown Vancouver at 10:25 a.m. local time, wearing a green sweatsuit and accompanied by her lawyer.

"China and the U.S. continue to have frosty relations and this has seen investors prefer to stay away than get involved in what has proven to be a volatile market for quite some time now", said Mihir Kapadia - CEO and Founder of Sun Global Investments.

Navarro said the arrest was the result of "the bad actions of Huawei", adding there was a "frightening" risk that the Chinese government could use the company's products for spying.

The United States has 60 days to make a formal extradition request, which a Canadian judge will weigh to determine whether the case against Meng is strong enough.

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