Chinese telecom executive accused of fraud over Iran sanctions

Arrested Huawei CFO makes appearance in Canadian court as U.S. seeks extradition

Chinese Tech Exec Faces 30 Years in Prison in U.S., Canadian Prosecutor Says

During her bail hearing, a prosecutor for the Canadian government said USA charges against her have to do with Huawei using an unofficial subsidiary to access the Iran market in dealings that would contravene US sanctions.

Chinese Foreign ministry spokesman Geng Shuang said on Friday that neither Canada nor the United States had provided China any evidence that Meng had broken any law in those two countries, and reiterated Beijing's demand that she be released.

The Crown says Meng is alleged to have said Huawei and Skycom were separate and she allegedly lied to an executive of an unnamed financial institution, which it asserts put the institution at risk.

Canadian prosecutor John Gibb-Carsley said that the telecoms giant used a subsidiary, Hong Kong-based firm Skycom, to do business with Iran, bypassing USA sanctions.

Chinese media has blamed her arrest on U.S. efforts to stop its global expansion, while Huawei said it had "very little information" about the case but was "not aware of any wrongdoing".

Meng is accused of fraud.

China demanded Meng's release after her arrest was made public and has insisted that Meng has not violated any laws.

Canadian Prime Minister Trudeau told reporters on December 6 that he had been informed of the arrest a few days ahead of it taking place.

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"I don't know, by the way, that that necessarily spills over into the trade talks", Kudlow said of the legal proceedings, adding: "Well look I think it's a separate track".

The news of Meng's arrest has roiled global stock markets on fears it could escalate a trade war between the USA and China after a truce was agreed last week between President Trump and China's leader Xi Jinping. The court heard she was en route from Hong Kong to Mexico. He argued that her wealth should not disqualify her from getting bail, and suggested use of tools such as electronic monitoring to ensure she stays in the country.

Since then, Huawei has grown into the world's biggest supplier of network gear for phone and internet companies.

A 2013 Reuters investigation claimed that Huawei was using Skycom to do business in Iran. "John has been very clear with the Chinese authorities - as we are with Canadians - that this was a matter handled as a part of our rule-of-law process; it was done without any engagement on involvement in the political level because we respect the independence of our judiciary".

USA 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. But with respect to a number of Chinese companies, we saw what happened with ZTE some months ago and many other issues of concern like that.

Huawei has grown to more than 170,000 employees and does businesses in more than 170 countries since Ren founded the company in 1987. She was widely considered to be his likely successor.

Meng's father, now 74, comes from rural roots, according to the Huawei website.

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