Huawei CFO Wanzhou Meng Arrested In Canada

Huawei CFO Wanzhou Meng Arrested In Canada

World financial markets took a fresh hit Thursday following the arrest of a senior official at Chinese telecoms equipment maker Huawei that could hinder progress in China-U.S. trade talks.

Meng's bail hearing has been scheduled for Friday.

"As there is a publication ban in effect, we can not provide any further detail at this time".

Meng "was arrested in Vancouver on December 1", a statement by Canada's ministry of justice said.

Huawei, which overtook Apple as the world's number two smartphone maker this year, said it was unaware of any wrongdoing by Meng and was provided "very little information" about the charges.

A user of China's Twitter-like Weibo platform said Chinese should boycott products made by US tech giant Apple Inc and instead buy Huawei products to show support for one of China's national champions.

China's embassy in Canada protested at the arrest and demanded her release.

Beijing has asked Washington and Ottawa to "immediately release the detained person" and explain the reason for her arrest, said a foreign ministry spokesman, Geng Shuang.

US authorities have been probing Huawei, one of the world's largest makers of telecommunications network equipment, since at least 2016 over allegations that it shipped USA -derived tech products to Iran and other countries in violation of US export and sanctions laws, sources told Reuters in April. It appears that the arrest is likely in connection to an ongoing U.S. investigation into Huawei allegedly violating worldwide sanctions against Iran and North Korea.

Huawei said it complies with all laws and rules where it operates, including export controls and sanctions of the United Nations, the US and European Union.

Wanzhou is also the daughter of Huawei's founder, Ren Zhengfei, one of China's most prominent businessmen.

While another Chinese tech company, ZTE, fell foul of the United States sanction regime, "no arrest was made back then", Yip added, reflecting the seriousness of the Huawei saga.

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US Senator Ben Sasse praised the move and said that it was "for breaking US sanctions against Iran".

Hu Xijin, the editor in chief of the Global Times, described the arrest as a "declaration of war" against China, according to the New York Times.

However, according to the Globe and Mail, she was arrested on suspicion she violated USA trade sanctions against Iran.

In the case of ZTE, the matter was only finally settled after the company underwent an extensive restructuring, as the United States government has made it clear that it intends to strongly enforce its export regulations.

"At the request of the U.S. side, the Canadian side arrested a Chinese citizen not violating any American or Canadian law".

A user of China's Twitter-like Weibo platform said Chinese should boycott products made by United States tech giant Apple Inc and instead buy Huawei products to show support for one of China's national champions.

USA national security officials have said Huawei poses a security risk due to its alleged close links to the Chinese government.

The arrest of Meng Wanzhou, the chief financial officer, unfolded on the same night that President Donald Trump and President Xi Jinping of China dined together in Buenos Aires, Argentina, and agreed to a 90-day trade truce.

A U.S. Justice Department spokesman declined to comment.

Meng who also uses the first names Cathy and Sabrina, was a board member of a Huawei-linked company in Hong Kong, Skycom Tech. The U.S. has also banned all governmental agencies from buying or using Huawei phones or equipment.

Stephen Innes, head of Asia-Pacific trading at investment firm Oanda, linked the losses directly to Meng's arrest.

In 2016, the Commerce Department sought information in regards to Huawei possibly sending USA technology to Syria and North Korea as well.

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