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Huawei CFO is arrested in Canada over Iran links

07 December 2018

"After some initial euphoria it became clear that there weren't a lot of detailed preparations, and therefore nobody really knew what was the likelihood of this agreement lasting".

Meanwhile, the substantially more independent South China Morning Post reported today that Meng and her father recently told Huawei employees that strict compliance with regulations was sometimes not financially feasible and could be avoided.

Speaking to reporters in Montreal, Mr Trudeau said his government was told about the arrest a few days beforehand, but it did not play a role. A 2012 report by the House Intelligence Committee report urged U.S. businesses to avoid their products and called for blocking all mergers or acquisitions involving them. Wanzhou is the founder's daughter and heir apparent.

Bloomberg News reported that Meng's marital status was unclear, but in 2013 she denied in another media report that she was married to Huawei board member and chief strategy marketing officer Xu Wenwei.

USA media have reported that Huawei is under investigation for potential violations of United States sanctions against Iran. The Justice Department is seeking Meng's extradition, according to a White House official.

The handset and telecommunications equipment maker said it complies with all applicable export control and sanctions laws and U.S. and other regulations.

The timing is awkward following the announcement of a U.S.

The arrest wasn't made public until late Wednesday.

Meng rose through the company ranks through hard work rather than privilege, said Wenran Jiang, a senior fellow at the University of British Columbia's Institute for Asian Research. "If I was an American tech executive, I wouldn't travel to China this week".

But, he added, "from the Chinese perspective, this is going to be absolutely seen as part and parcel of our negotiating practice".

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As there is a publication ban in effect, which was requested by Meng, the department declined to provide any further detail of the extradition.

The "message is clear - the United States is closing the borders to many Chinese technology companies", said Neil Campling, co-head Global Thematic Group at Mirabaud Securities.

He added that the USA has had "enormous concerns for years about the [.] practice of Chinese firms to use stolen American intellectual property, to engage in forced technology transfers, and to be used as arms of the Chinese government's objectives in terms of information technology in particular".

As Donald Trump and Xi Jinping's tariffs ceasefire last weekend - which sparked a one-day rally - fades to a distant memory, investors are back in selling mood as they fret over a range of issues including the state of the world economy, oil prices and Brexit. The Trump administration has argued that Huawei has benefited from market manipulation and other unfair practices. "I think this is a question of one hand not knowing what the other hand is doing".

The arrest is related to violations of US sanctions, a person familiar with the matter said, though officials have so far stayed mum on her allegations.

"But we've had enormous concerns for years", Bolton said, "about the practice of Chinese firms to use stolen American intellectual property, to engage in forced technology transfers, and to be used as arms of the Chinese government's objectives in terms of information technology in particular".

The arrest and any potential sanctions on the world's second biggest smartphone maker could have major repercussions on the global technology supply chain.

CNN, quoting an unnamed official, said that the United States saw the arrest as providing leverage in trade talks. One of those people is Senator Ben Sasse (R-NE), who said the USA "can't sit on the sidelines" while China undermines national security with its actions. "We are working very closely with the broader security community".

Jones happened to be presenting his office's first report assessing cyber security threats.

Huawei's smaller rival, ZTE (ZTCOF), provides an example of how the USA government could go further.

Huawei CFO is arrested in Canada over Iran links

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