Friday , October 23 2020

Huawei CFO in Canadian court on fraud charges, faces extradition to US

TNW uses cookies to personalize content and ads to
make our site easier for you to use.
We do also share that information with third parties for
advertising & analytics.

Powered by

Blockchain, cryptocurrencies, and insider stories by TNW.

The battle finally starts, more than one year after Meng’s arrest

China’s foreign ministry labeled Canada‘s detainment of smartphone giant Huawei‘s CFO as a “serious political matter,” and again called for her release ahead of the first extradition hearing later today, Reuters reports.

Canadian authorities arrested Meng Wanzhou, the daughter of Huawei founder Ren Zhengfei, in December 2018 at the behest of the US. The incident angered Beijing considerably, and the event soon became the centerpiece of a trade war between China and the Trump administration.

[Read: Huawei P40 Pro leak shows off superzoom lens and reserved ceramic design]

New York Times notes that the first stage of Meng’s extradition hearing will decide whether her alleged crimes are common to both the United States and Canada, the latter of which has not imposed sanctions in Iran in the same way as the US.

The second will focus on defense allegations that the FBI and Canadian authorities violated Meng’s rights when gathering evidence before she was apprehended changing flights at Vancouver airport.

Following the incident, Chinese authorities detained Canadian citizens Michael Spavor and Michael Kovrig on charges of espionage, moves labeled as retaliation for Meng’s arrest.

On bail and reportedly living in one of two her Vancouver mansions, Meng’s charged with bank fraud for allegedly violating US sanctions by conducting business with Iran through two auxiliary companies: equipment seller SkyCom Tech and shell corporation Canicula Holdings.

Defense lawyers are said to have filed a motion on Friday that argued the case is primarily about US sanctions on Iran, rather than bank fraud.

Meng is fighting her extradition and maintains innocence on all fronts.

The two superpowers exchanged trade tariffs in the fallout, including a 15-percent tax on more than two-thirds of all US products sourced from China, amounting to over $112 billion worth of goods such as clothes, shoes, and sporting items.

Last week’s reveal of the “Phase One Deal” eased that tax to 7.5 percent, while Beijing agreed to purchase an extra $200 billion in US goods and services over the next two years.

Regardless, the hubbub doesn’t seem to have hampered Huawei‘s bottom line: it set a new revenue record by generating 850 billion yuan ($122 billion) last year.

Huawei is also still the second-largest smartphone maker in the world, having sold 240 million handsets last year, up from 206 million in 2018.

“These figures are lower than our initial projections, yet business remains solid and we stand strong in the face of adversity,” wrote Huawei rotating chairman Eric Xu in a New Year’s employee address.

Published January 20, 2020 — 14:54 UTC

Thank you!

Copyright © 2006—2020.
All rights reserved.
Made with in Amsterdam.

This Article was first published on thenextweb.com

About IT News Ug

Check Also

‘Mysterious’ billionaire cashes in $127M worth of Gates-backed pharma stock

TNW uses cookies to personalize content and ads to make our site easier for you …

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

//azoaltou.com/afu.php?zoneid=2572107