Canada arrests CFO of China’s Huawei Technologies

Huawei CFO Wanzhou Meng arrested in Vancouver, faces extradition to U.S.

"The company believes the Canadian and US legal systems will ultimately reach a just conclusion".

Wanzhou Meng, Huawei's chief financial officer, was arrested in Vancouver, British Columbia, Canada today. According to Canadian government, Meng was arrested on December 1 by request of the United States, who is seeking to have her extradited.

"As there is a publication ban in effect, we can not provide any further detail at this time", department spokesperson Ian McLeod said in a statement to the newspaper.

A clerk at the B.C. Supreme Court said Meng appeared in court on Wednesday and a bail hearing is scheduled for Friday.

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Separately, the BBC reported that British telco BT would not use Huawei's equipment in its 5G mobile network.

The U.S. has been investigating the alleged shipment of U.S. -made products to Iran in violation of U.S. laws since 2016.

Fellow Chinese technology giant ZTE had similarly been removed from the US trading blacklist at the start of past year by the US Department of Commerce's Bureau of Industry and Security following the company's guilty plea to illegally exporting products to Iran.

In New Zealand, Huawei has previously helped build mobile networks but this marks a significant shift in policy.

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On its website, Huawei bills itself as "a leading global provider of information and communications technology (ICT) infrastructure and smart devices, with integrated solutions across four key domains - telecom networks, IT, smart devices, and cloud services".

The daughter of Huawei's founder, and the firm's current deputy chair, has been arrested in Canada. And perhaps more importantly, USA officials have urged other countries to ban telecom companies from purchasing Huawei equipment.

Since at least 2016, USA authorities have been reviewing Huawei's alleged shipping of US -origin products to Iran and other countries in violation of USA export and sanctions laws.

Huawei later said the HP equipment was ultimately not provided to Iran either by Huawei or Skycom, Reuters said.

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"Tencent and Alibaba may be domestic champions and huge platforms in of their own rights, but Huawei has become a global powerhouse", said Neil Campling, an analyst at Mirabaud Securities. "Huawei has direct ties to the Chinese government and Communist Party, has long posed a serious risk to USA national security, and I continue to strongly urge Canada to reconsider Huawei's inclusion in any aspect of its 5G development, introduction, and maintenance".

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