Huawei’s CFO Meng Wanzhou Arrested and Now Everyone Is Very Nervous

Trouble

The daughter of Chinese tech giant Huawei's founder has been arrested in Canada and is facing extradition to the United States, dealing a blow to hopes of any easing of Sino-US trade tensions and rocking global stock markets.

Meng's bail hearing has been scheduled for Friday.

McLeod said a publication ban had been imposed in the case and he could not provide further details.

Meng, 46, faces extradition to the US after her arrest on suspicion of violating existing sanctions against Iran.

After seeming to ease trade tensions with China over the weekend at the G20 summit, the USA once again drew the country's ire Wednesday when news emerged of the arrest of Meng Wanzhou, the CFO of the Chinese tech giant Huawei.

Huawei said it was "not aware of any wrongdoing by Ms Meng".

The broad market decline came as the arrest of a senior Chinese technology executive overshadowed some positive comments on trade from Beijing and threatened to worsen trade tensions between the US and China.

News of Meng's arrest provoked an immediate protest from the Chinese embassy in Canada, demanding the USA and its neighbor "rectify wrongdoings" and free Meng.

The Chinese embassy in Canada responded to news of Meng's arrest by lodging stern representations against the United States and Canadian governments and calling for her immediate release.

"We are closely watching the developments in Asia after reports that Canada has arrested the Huawei CFO facing USA extradition for allegedly violating Iran sanctions".

In its statement on Wednesday, Huawei said the company complies with all laws and regulations in the countries where it operates, including applicable export control, sanction laws and regulations of the United Nations, the United States and the European Union. The company is the world's second-largest telecommunications equipment and service provider, after South Korea's Samsung, and recently surpassed Apple.

The arrest by Canadian authorities of Meng stems from an allegation that another company which she managed violated a US ban against selling technology to Iran.

Her arrest is likely to heighten tensions between Washington and Beijing days after the world's two largest economies agreed on a truce in their growing trade conflict.

In a statement posted on December 6 on its official website, the Chinese Embassy in Canada claimed that Meng did not violate "any American or Canadian law".

Investors will fear that the shock detention of such a significant business figure could easily anger the Chinese government, and potentially scupper plans to buy more U.S. goods. It said Huawei still is a supplier of other equipment and a "valued innovation partner".

That same month Washington barred Huawei rival ZTE Corp. from exporting USA technology in a separate case over exports to Iran and North Korea.

David Mulroney, a former Canadian ambassador to China, said USA and Canadian business executives could face reprisals in China.

The renewed jitters over the implications that Meng's arrest could have on U.S.

China's foreign ministry urged Canada and the USA to "clarify" the reason for Meng's detention.

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".

Huawei, the biggest global supplier of network gear used by phone and internet companies, has been the target of deepening USA security concerns. "Huawei of course is a global player, and has made major inroads in developing countries, and even developed countries", Harwit said.

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