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MoneyHuawei CFO arrest: 5 things to know about China's Huawei

16:55  06 december  2018
16:55  06 december  2018 Source:   cbsnews.com

Trudeau says he had advance notice of Huawei executive's arrest

Trudeau says he had advance notice of Huawei executive's arrest Prime Minister Justin Trudeau says Ottawa had a few days' prior notice of the arrest of an executive from the Chinese telecommunications giant Huawei following U.S. allegations the company violated sanctions on Iran. Authorities conducted the arrest without political interference, Trudeau said Thursday in his first comments on the arrest of Huawei's Chief Financial Officer Meng Wanzhou, which has further inflamed tensions between the U.S. and China. Meng was arrested in Vancouver on Saturday and is being sought for extradition by the U.S. A bail hearing has been set for Friday.

China is demanding that Canada release a Huawei Technologies executive arrested for possible extradition to the United States. Huawei ' s chief financial officer , Meng Wanzhou, was arrested Saturday in Vancouver, Canada. The Globe and Mail newspaper, citing law enforcement sources

Huawei CFO Wanzhou Meng arrested in Vancouver, faces READ MORE: U.S. senators urge Justin Trudeau to drop China ’ s Huawei from Huawei released a statement saying its CFO was arrested while changing planes in Vancouver and is facing charges in "the Eastern District of New York."

Huawei CFO arrest: 5 things to know about China's Huawei © Stringer . / REUTERS rts294rn.jpg

China is demanding that Canada release a Huawei Technologies executive arrested for possible extradition to the United States. Huawei's chief financial officer, Meng Wanzhou, was arrested Saturday in Vancouver, Canada.

The Globe and Mail newspaper, citing law enforcement sources, said she is suspected of trying to evade U.S. curbs on trade with Iran.

Meng is also deputy chairman of the board and the daughter of Huawei founder Ren Zhengfei, as CBS News partner network BBC News reports,

In a statement, Huawei said Meng was changing flights in Canada when she was detained "on behalf of the United States of America" to face "unspecified charges" in New York. It added that it is "not aware of any wrongdoing by Ms. Meng."

Here are some key facts about the fast-growing telecoms equipment supplier.

‘Basically kidnapping’: China’s state media lashes out at Canada over arrest of Huawei executive

‘Basically kidnapping’: China’s state media lashes out at Canada over arrest of Huawei executive The arrest of Huawei's CFO has angered China with its state-run media lashing out at Canada.

Huawei CFO Meng Wanzhou arrested in Canada, faces extradition to United States. A Huawei spokesperson said Meng was detained by Canadian authorities on behalf of the United States when China ' s Ministry of Foreign Affairs on Thursday called for Meng to be released and urged the United

Meng Wanzhou, Huawei 's chief financial officer and deputy chair, was arrested in Vancouver on 1 December. Details of the arrest have not been released but the US has been investigating Huawei over possible violation of sanctions against Iran. China ' s embassy in Canada protested at the arrest and

What is Huawei?

The privately held company, based in southern China's tech hub of Shenzhen near Hong Kong, is the world's largest supplier of network gear used by phone and internet companies. Huawei also recently surpassed Apple as the second biggest maker of cellphones after South Korea's Samsung Electronics Co. The company, founded in 1987 by a former military engineer, Ren Zhengfei, has 170,000 employees worldwide and says it has business in more than 170 countries.

Why is the company in the spotlight?

Canadian officials said Meng faces possible extradition to the United States. The U.S. Justice Department has refused comment. The Globe and Mail newspaper cited law enforcement sources as saying she is suspected of trying to evade U.S. curbs on trade with Iran. Huawei says the U.S. requested Meng's arrest and it is unaware of any wrongdoing. The company says it abides by all laws and rules where it operates.

Canadian Telecoms Face $1 Billion Cost to Remove Huawei Gear, Globe & Mail Says

Canadian Telecoms Face $1 Billion Cost to Remove Huawei Gear, Globe & Mail Says Canadian Telecoms Face $1 Billion Cost to Remove Huawei Gear, Globe & Mail Says

China is demanding that Canada release a Huawei Technologies executive arrested for possible extradition to the United States. ENFORCEMENT, TELECOM, EXTRADITION, CURB, ARREST , GLOBE, Trump, Trudeau, Bolton, Z T E Corp., Samsung, Apple, USA, Canada, Iran, China , HK, AR.

"The Huawei arrest gives China ’ s leaders a huge gift,' said Barry Naughton, a professor at the University of California in San Diego who studies China . "It makes super plausible the narrative they’ve been trying to promote all along: 'The U.S. just can’t stand our rise

Huawei's Iran business

Huawei's business in Iran grew after Western companies withdrew to protest a crackdown on demonstrators in 2009. But the company said in late 2011 that it was limiting its business activity and no longer seeking new customers there because of an "increasingly complex situation."

In April, China appealed to the U.S. to avoid damaging business confidence after The Wall Street Journal reported Washington was investigating whether Huawei had violated sanctions on Iran. The report did not say what Huawei might be suspected of.

Huawei and ZTE

Both Huawei and ZTE Corp. have faced trouble with the U.S. and other governments over dealings with Iran and fears the Chinese companies' equipment might be used for spying. ZTE was nearly driven out of business this year when Washington barred it from buying U.S. technology over exports to North Korea and Iran.

Chinese-Canadian group defends detained Huawei CFO

Chinese-Canadian group defends detained Huawei CFO Members of the Vancouver's Chinese community are rallying in support of Meng Wanzhou, the chief financial officer and deputy chair of the board for the Chinese tech giant Huawei. Meng, 46, was arrested in Vancouver last Saturday and is being sought for extradition by the United States. On Friday, Crown counsel told a bail hearing in B.C. Supreme Court in Vancouver that Meng is "charged with conspiracy to defraud multiple international institutions," with each charge carrying a maximum sentence of 30 years in prison. In a hastily pulled together press conference in Richmond, B.C.

China is demanding that Canada release a Huawei Technologies executive arrested for possible extradition to the United States. Huawei ' s chief financial officer , Meng Wanzhou, was arrested Saturday in Vancouver, Canada.

China has demanded the immediate release of a senior Huawei telecoms executive whose arrest is threatening to escalate into a major Huawei Q&A: what you need to know about the Chinese phone maker. Read more. Trump' s remarks could stymie US extradition of Huawei CFO from Canada.

President Donald Trump restored access after ZTE agreed to pay a $1 billion fine, replace its executive team and embed a U.S.-chosen compliance team in the company. Huawei seems much stronger commercially than ZTE, with the biggest research and development budget of any Chinese company and a vast portfolio of patents, making it less dependent on American suppliers.

What's next

It's unclear exactly what charges Meng could face if she is extradited to the United States. Security concerns have hampered Huawei's business in the U.S. as acquisitions were rejected and companies warned not to source network equipment from Huawei or ZTE.

That means the U.S. has less leverage over Huawei than over ZTE and some other Chinese companies. But the company is likely feeling pressure as other governments heed U.S. calls to limit Huawei's access to their telecoms networks and strategically vital technologies.

Follow @MSNMoneyCanada on Twitter.

Some fear for tourism as Huawei arrest strains Canada-China relations.
After the arrest of one of China’s top telecommunications executives in Canada, some are worried about damage to the two countries’ tourism connections.

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