Huawei CFO faces fraud accusations from USA in Canadian bail hearing

Cisco's Errant China Travel Alert Shows Tech's Huawei Alarm

Meng is being accused of fraud by the US government, which wants her extradited from Canada to face the charge.

The 46-year-old chief financial officer of Chinese telecom company Huawei now faces extradition to the USA, where she is likely to be charged with trying to evade US sanctions on Iran. The detention was part of an American investigation into an alleged scheme to use the global banking system to evade U.S. sanctions against Iran. While there is some fear that the arrest could hurt talks between the US and China to end the current trade war between the two countries, Canadian prosecutors have called Ming a flight risk and have requested that the court place her in a detention center.

None of the allegations against Ms. Meng has been proven in court and the bail hearing resumes on Monday, when security experts are expected to detail plans to ensure she stays in Vancouver if she is granted bail.

Huawei has been a subject of USA national security concerns for years and Meng's case echoes well beyond tariffs or market access.

Japan is planning to halt government purchases of equipment from China's two largest telecommunications firms, Huawei and ZTE, amid security concerns, Yomiuri Shimbun reported Friday.

As the daughter of Huawei's founder, Ren Zhengfei, she is seen as his heir apparent. That information was passed on to federal prosecutors in the Eastern District of NY, the Journal report said.

China has been angry about the incident and has demanded Meng's release.

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Freeland reiterated what Prime Minister Justin Trudeau said Thursday: that Meng's arrest was part of an independent legal process that is separate from politics. The prosecutor said Meng is a flight risk and should not be granted bail. Prosecutors claim that she is a flight risk due to her family's huge wealth, while the defense points out that Meng has resided with her husband and children in Vancouver for years, and had obtained permanent residence status.

Richard Harris, chief executive of Port Shelter Investment Management, suggested that while the arrest will likely blow over and not affect the negotiations between the USA and China, "it serves to highlight how toxic the Huawei brand has become in the West". Fleeing would cause Meng to lose "face", Meng's lawyer said.

US and Asian stock markets tumbled after news of Meng's arrest as it was seen to cause another flare-up in tensions between Washington and Beijing. Moreover, US authorities believe that Huawei's top managers began avoiding travel to the US around April 2017 after becoming aware of the US criminal probe.

"I have not spoken directly to Chinese officials but John McCallum, our ambassador to China - our very senior ambassador to China - has spoken with Chinese officials", Freeland said Friday in a teleconference from meetings in Berlin.

McCallum was clear that Chinese consular officials will have access to Meng "just as we seek consular access for detained Canadians around the world, including in China".

Meng, who also goes by the first name Sabrina, is one of four deputy chairs listed on the Huawei website and one of three women to sit on the Huawei board.

"The Chinese government should seriously mull over the U.S. tendency to abuse legal procedures to suppress China´s high-tech enterprises", said the nationalist tabloid Global Times in an editorial.

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