Huawei exec accused of fraud over Iran sanctions

Huawei exec accused of fraud over Iran sanctions

"Do we (in Europe) have to be anxious about Huawei or other Chinese companies?"

The Crown says Meng is alleged to have said Huawei and Skycom were separate and she allegedly lied to an executive of an unnamed financial institution, which it asserts put the institution at risk.

Larry Kudlow, director of the White House's National Economic Council, told CNBC he did not believe Meng's arrest would "spill over" into the trade talks with China. "There's the humiliating way this happened right before the dinner, with Xi unaware".

According to Kerry Brown, associate fellow for the Asia-Pacific Programme at Chatham House, there is a risk that China could start to feel that it is being unfairly targeted and could impose some kind of retaliatory measures on the USA in the future.

A lawyer representing Meng argued that she would not breach a court order and leave Canada because doing so would humiliate her father, Huawei and "China itself".

Gibb-Carsley said the banks were "victim institutions" of fraud by Meng.

The company has said it is not aware of any wrongdoing by Meng and her lawyer, David Martin, told the B.C. Supreme Court no charge or indictment has been filed against his client, just a warrant.

A 2013 Reuters investigation claimed that Huawei was using Skycom to do business in Iran. In turn, Skycom chiefs in Iran were employed by Huawei.

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Meng Wanzhou, 46, was arrested in Canada last week and is wanted in the USA over "fraud offences", a Vancouver court heard during a bail hearing on Friday. Meng pledged C$1 million for bail. The hearing has been adjourned until Monday. Justice William Ehrcke said he would think about proposed bail conditions over the weekend.

The United States and Australia, both members of the Five Eyes intelligence alliance that also includes Canada, New Zealand, and the UK, have banned Huawei from their 5G networks-the next generation in wireless technology.

Meng was arrested Saturday while in transit at Vancouver's airport. Exact details of the agreement are elusive.

She was arrested in Canada on 1 December at the request of the United States. She conferred with her two lawyers through a translator.

When the world learned what had happened in Vancouver, global financial markets fell sharply as concerns intensified that US-China trade tensions could escalate again. These allegedly include forcing American and other foreign companies to hand over trade secrets in exchange for access to the Chinese market and engaging in cyber theft. The United States has pressured European countries and other allies to limit the use of its technology.

"We categorically reject any allegation that we might pose a security threat", the company said, adding it was willing to talk to Ansip to clear up what it called misunderstandings. On Friday, the Dow Jones industrial average plunged almost 560 points.

Ming Xia, a professor of political science and global affairs at City University of NY, said Meng's arrest was another example of how members of Trump's trade team know how to use very sharp, pinpoint moves to teach China a lesson. Trudeau said at the time that he had not been in contact with China or its ambassadors about the case, CBC reported.

Still, Cornell University economist Eswar Prasad warned that "this incident highlights the huge gap in trust between the two sides, casting a pall over the tough negotiations that still lie ahead". The company also makes smartphones and has been the second-leading seller for two consecutive quarters, behind Samsung and ahead of Apple, according to IDC.

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