The spotlight on Huawei’s CFO has continued into the weekend.
Meng Wanzhou, Huawei’s global chief financial officer, has been under arrest in Vancouver since December 1st, reportedly for ‘alleged fraud.’ Meng is the daughter of the founder of Huawei, a China-based smartphone and telecommunications equipment company.
On Friday, December 7th, during a court hearing in Vancouver, it was revealed that the “U.S. banks became concerned about [the] relationship between Huawei and subsidiary SkyCom. Meng told banks the two were separate when in fact ‘Huawei is SkyCom.'”
In a new statement to the press, China’s Foreign Ministry urged Canada to release Meng, noting, “China strongly urges the Canadian side to immediately release the detained person, and earnestly protect their lawful, legitimate rights, otherwise Canada must accept full responsibility for the serious consequences caused.”
While awaiting potential bail, or to see if she will be extradited to the United States, Meng might face charges of conspiracy to defraud multiple financial institutions, which could lead to a maximum sentence of 30 years for each charge. The court will resume on Monday, December 10th.
In Canada, several wireless carriers, including Telus and Bell, are backed Huawei’s cellular infrastructure. In an earlier report, it was estimated that it would cost Canadian telecoms upward of $1 billion to remove Huawei equipment.
Source: National Post