Huawei CFO faces fraud accusations from US in Canadian bail hearing

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More you get from this page, is Huawei CFO faces fraud accusations from US in Canadian bail hearing – Chinese tech manufacturer Huawei’s chief financial officer is facing fraud charges in the United States and faces up to 30 years in prison if found guilty, according to the New York Times.

Huawei CFO faces fraud accusations

Huawei CFO faces issues and more …

Meng Wanzhou, the daughter of Huawei founder Ren Zhengfei, is accuse(d) of “conspiracy to defraud multiple financial institutions” including breaking American sanctions on Iran. She was arrest(ed) in Canada earlier this week and faces extradition to the US.

The US Department of Justice alleges that Meng allowed Hong Kong-based technology firm called SkyCom Tech to do business in Iran despite economic sanctions against the nation. SkyCom is believe(d) to be an unofficial subsidiary of Huawei, though the companies do not claim to be connect(ed).

Meng has been press(ed) on the relationship between the firms by US bankers and other financial institutions and has reportedly denied any ties. In 2013, Reuters found Meng served on the board of Skycom. The company was offering to sell HP equipment to Iran in late 2010. Documents relate(d) to the proposal were discover(ed) to be mark(ed) as “Huawei confidential.”

to the proposal were discovered to be mark(ed) as “Huawei confidential.”

The deal reportedly never went through, and it’s not clear if that arrangement is directly related to the current charges against Meng.

For now, the Huawei executive will remain in Canada. The country’s justice department argued at today’s hearing that she should not be grant(ed) bail as she has motivation to flee from Canada and seek protection from prosecution.

The US Justice Department will have 60 days to request her extradition, which would have to be approved by the Canadian court.

SourceNew York TimesReutersSouth China Morning PostWall Street Journal

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