Telecom Giant Huawei’s CFO Arrested in Canada

Telecom Giant Huawei's CFO Arrested in Canada

Canadian authorities arrested Meng Wanzhou at US request, alleging the Chief Financial Officer and her company, telecom behemoth, Huawei Technologies, violated Iran-related sanctions. Wanzhou is also daughter of the company’s founder, Ren Zhengfei.  

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Huawei Technologies CFO Arrested in Canada on US Request

Multiple reports confirm Huawei CFO and deputy chairwoman Meng Wanzhou was arrested 1 December 2018 in Vancouver, Canada based upon United States’ authorities insisting she and her company acted in violation of sanctions against Iran. She is being held presumably pending formal extradition to the US.

Telecom Giant Huawei's CFO Arrested in Canada

Reports also allege a year-long investigation into the company’s doings, and eventually led to law enforcement upgrading charges to a national security threat. “In the past year, Washington has taken a series of steps to restrict Huawei’s business on American soil and, more recently, launched an extraordinary international outreach campaign to persuade allied countries to enact similar curbs,” The Wall Street Journal detailed.

Huawei explained how the “company has been provided very little information regarding the charges and is not aware of any wrongdoing by Ms. Meng. The company believes the Canadian and U.S. legal systems will ultimately reach a just conclusion.” They also affirmed commitment to following laws in every country relevant.

Tense Time for US, China Relations

Meng was also known to have been party to a holding company, over a decade ago, with ties to Iran. US authorities, the Journal continued, “suspected Huawei’s alleged involvement in Iranian sanctions violations since at least 2016, when the U.S. investigated ZTE Corp. , Huawei’s smaller Chinese rival, over similar violations.”

Her arrest comes amidst a trade war only recently seeing a cease, for three months, in tariff retaliation between the world’s super economies. Huawei ranks first in making cell towers, and is a close second in smartphones.

Telecom Giant Huawei's CFO Arrested in Canada
Meng Wanzhou

In late November of this year, the Shenzhen, China-based company announced the official launch of its cloud “Blockchain Service (BCS) for global use on November 15, 2018, after launching it for commercial use in China on October 10th this year. Now available on the international HUAWEI CLOUD website, the service helps global enterprises and developers create, deploy, and manage blockchain applications quickly and at minimal cost on HUAWEI CLOUD. Its global launch lays the foundations for a distributed global blockchain platform.”

Blockchain expansion came mere months after the company was among the first smartphone providers to bundle a crypto app in its newly created store, AppGallery, which itself was launched this Spring.

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