Huawei founder's daughter arrested for violating US sanctions on Iran

The Chinese Embassy in Canada has issued a statement over the arrest of Meng Wanzhou

The chief financial officer for China's global tech giant, Huawei Technologies, has been arrested in Richmond and is facing extradition to the U.S.

Meanwhile, the Canadian president Justin Trudeau declined to give more details on the swoop, in light of Meng's bail hearing on Friday, other than to say there was no political involvement.

"That means the intelligence agencies in Canada and the USA were tracking her and planning to arrest her for some time", he said.

That executive was Huawei's chief financial officer and deputy chair Meng Wanzhou - who is also the daughter of the company's founder.

The company said it wasn't aware of any wrongdoing by the CFO and that authorities in both countries will "ultimately reach a just conclusion".

China's embassy said late on Wednesday that it firmly opposed what it called an unjustified arrest.

The Wall Street Journal reported earlier this year that US officials were investigating Huawei's ties to Iran.

The Wall Street Journal reported earlier this year that USA authorities are investigating whether Chinese tech giant Huawei violated sanctions on Iran.

Meng was arrested while transferring between flights, according to a statement provided to CRN by Huawei.

"I can assure everyone that we are a country [with] an independent judiciary", he said.

Jasper Lawler, head of research at London Capital Group, responded: "Traders have quickly moved out of riskier assets reflecting nerves that the arrest is likely to escalate tensions between the United States and China once again". The Globe and Mail newspaper, citing law enforcement sources, said she is suspected of trying to evade USA curbs on trade with Iran.

Huawei, for its part, has consistently denied accusations of spying, and responded to the arrest of Meng by saying it complies with "all applicable laws and regulations" where it operates.

Justice Department spokesman Ian McLeod said Meng Wanzhou was detained in Vancouver, British Columbia, on Saturday. But the company said early this year it had become the 25th largest research and development funder in Canada, thanks to partnerships with local universities.

"(Canada) arrested a Chinese citizen (who did not violate) any Canadian or American law", the statement said.

The arrest took place on the same day Trump met with Chinese President Xi Jinping to discuss the trade war after the close of the G-20 summit in Argentina.

A source familiar with Justice Department procedures said it is unlikely the US attorneys would have acted without consulting other agencies in pursuing the global arrest. The U.S. has also banned all governmental agencies from buying or using Huawei phones or equipment.

The New York Times said the company had been subpoenaed by the Commerce and Treasury Departments over alleged violations of Iran and North Korea sanctions.

Senator Chris Van Hollen, a Maryland Democrat, said Wednesday night that Huawei and ZTE "are two sides of the same coin - Chinese telecommunications companies that represent a fundamental risk to American national security".

"Public opinion in China will likely become more negative in respect to the trade war, and potentially against USA companies", Deutsche Bank analyst Zhiwei Zhang said on Thursday. USA equity futures and Asian stocks slid as Meng's arrest re-ignited concerns about U.S.

Huawei is not the first Chinese telecoms equipment firm to face the ire of USA authorities.

Sasse said China had been "working to creatively undermine our national security interests, and the United States and our allies can't sit on the sidelines".

"Sometimes Chinese aggression is explicitly state-sponsored and sometimes it's laundered through many of Beijing's so-called "private" sector entities that are in bed with Xi's communist party", the Nebraska Republican said in a statement.

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