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Huawei CFO released on bail

Manny Pham
December 12, 2018

Meng Wanzhou could be extradited to the US to face fraud charges 

Huawei chief financial officer Meng Wanzhou (pictured) has been granted bail by a Canadian court.

She was arrested on December 1 and could be extradited to the US to face fraud charges linked to alleged violation of sanctions on Iran.

Meng’s bail was set at $10 million (£6m). The judge ordered for her to be under 24 hour surveillance and must wear an electronic tag.

US prosecutors accuse Meng of knowingly misrepresenting Skycom, a little known Hong Kong telecom equipment seller, as a separate firm from Huawei to avoid sanctions on Iran. She also faces accusations of lying to banks about the true link between the two companies.

Meng denies any wrong doing and will contest the allegations. She was ordered to reappear in court on February 6.

Meng is the daughter of Huawei founder Ren Zhengfei, and her arrest has soured relations between China and both Canada and the US. President Donald Trump says he will intervene on the case to avoid further deterioration to relations.

He told CNN: “Whatever’s good for this country, I would do. If I think it’s good for what will be certainly the largest trade deal ever made – which is a very important thing – what’s good for national security, I would certainly intervene if I thought it was necessary.”

In a statement, Huawei said: “We have every confidence that the Canadian and US legal systems will reach a just conclusion in the following proceedings. As we have stressed all along, Huawei complies with all applicable laws and regulations in the countries and regions where we operate, including export control and sanction laws of the UN, US, and EU.

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