Huawei CFO arrested in Canada, extradition to U.S. imminent

Huawei CFO arrested in Canada, extradition to U.S. imminent

Huawei was a pioneering supplier of telecom gear at a time when China was spending heavily to upgrade its networks, importing much of its equipment.

Is the arrest of Meng Wanzhou related to these security concerns?

Crown prosecutors have declined to say why Meng is being sought for extradition, but the Wall Street Journal has reported that it is related to alleged violations of US trade sanctions, which Reuters news reported were sanctions against Iran.

Gordon Houlden, director of the China Institute at the University of Alberta, said Canada and the US have an extradition treaty and Canada has obligations that not even the prime minister can change.

The recent trade sanctions from the United States on Huawei is getting much worse.

"So not respecting this particular arrest, but Huawei is one company we've been concerned about", he said.

Canadian authorities on Wednesday arrested Huawei CFO Meng Wanzhou over the weekend.

The arrest of Meng Wanzhou, who is suspected of trying to evade USA trade curbs on Iran, could further complicate a trade standoff between Beijing and Washington.

The Trump administration arranged the arrest of Huawei Technologies Co's chief financial officer, aware of potential blow-back in trade talks with Beijing but intent on showing resolve to crack down on Chinese companies accused of violating USA law.

In a statement issued exclusively to the News from Huawei's corporate head office, the company explained how Meng was "provisionally detained by the Canadian authorities on behalf of the United States of America, which seeks the extradition of..."

Canada has not joined the U.S., Australia and New Zealand in banning Huawei's technology from being used in 5G wireless networks because of cybersecurity fears.

"We are a country of an independent judiciary, and the appropriate authorities took the decisions in this case without any political involvement or interference". "As there is a publication ban in effect, we can not provide any further detail at this time".

The US has brought a number of legal cases against Chinese technology firms, with accusations such as cyber-security theft and violations of Iran sanctions.

An anonymous Canadian law-enforcement source told The Globe and Mail that the United States is alleging Meng tried to evade US sanctions against Iran.

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Almost every company on the FTSE suffered losses as a global sell-off continued after the arrest of a top executive from Chinese technology giant Huawei sparked fears of an escalation in the US-China trade war.

China's embassy said late on Wednesday that it firmly opposed what it called an unjustified arrest.

She faces possible extradition to the United States after a bail hearing on Friday.

China is confident they can reach a trade deal during the 90 days that Trump agreed to suspend USA tariff hikes, said a ministry spokesman, Gao Feng.

Canada's arrest of the chief financial officer of Huawei, at the request of the United States, has rattled Asian markets and enraged Beijing, which is in the midst of negotiations meant to deescalate a trade war with Washington.

"The company has been provided with very little information regarding the charges and is not aware of any wrongdoing by Ms. Meng".

The charges remain unknown due to a court restriction but the U.S. has been investigating Huawei over possible violation of Iran sanctions.

If a USA target is in one those countries, one option for the OIA is to contact Interpol to put out what is known as a red notice indicating there is an outstanding arrest warrant for that person.

The volatility put a spotlight on doubts about Trump's ability to deliver on his promises with China - and exposed a clash between his policy goals in China and his efforts to crack down on technology companies and other actors.

Houlden said he thinks the U.S.is more likely to be a target. -Chinese tensions that threaten global economic growth.

'The Canadian police, at the request of the United States, arrested a Chinese citizen who had not violated any US or Canadian law, ' the embassy said in a short statement on its website.

Suspicions over Huawei's links to the Chinese government have made the company a target for suspicion and the U.S. has led the charge to ban its products and services.

Ms Meng's detention also raised concerns about potential retaliation from Beijing in Canada, where Prime Minister Justin Trudeau sought to distance himself from the arrest. "They will retaliate and China will take hostages", he said. Huawei has repeatedly denied this.

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