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

Investors look at an electronic board showing stock information at a brokerage house in Shanghai China

"Americans are grateful that our Canadian partners have arrested the chief financial officer of a giant Chinese telecom company for (allegedly) breaking us sanctions against Iran", he said.

It's unclear exactly what charges Meng could face if she is extradited to the United States.

In a brief announcement released today, Canada's Department of Justice has announced that it has arrested the Chief Financial Officer of Huawei, Meng Wanzhou.

In a statement, Huawei said Meng was changing flights in Canada when she was detained "on behalf of the United States of America" to face "unspecified charges" in NY.

The ministry added it could not provide further details because of a publication ban that was sought by Meng.

A Huawei spokesperson said Meng faces unspecified charges in the Eastern District of NY.

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

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.

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Both Huawei and ZTE Corp. have faced trouble with the USA and other governments over dealings with Iran and fears the Chinese companies' equipment might be used for spying.

Despite being essentially barred from the critical USA market, Huawei surpassed Apple to become the world's number two smartphone maker in the second quarter of this year and has market leader Samsung in its sights. The CFO reportedly held an internal question and answer session on October 29 alongside her father, Ren Zhengfei, who founded Huawei. "The Chinese government should seriously mull over the US tendency to abuse legal procedures to suppress China's high-tech enterprises".

A Wall Street Journal report last month said the USA government was trying to persuade wireless and internet providers in allied countries to avoid equipment from Huawei. "But U.S. intelligence officials have been questioning Canada's ability as to whether it can actually test whether Huawei is being secure, or whether it's letting anything leak to the Chinese government". It's overtaken Apple Inc.in smartphone shipments and aims to surpass Samsung Electronics Co. while targeting record sales of US$102.2 billion this year - more than Boeing Co.

This November, New Zealand's government banned its major telecommunications company Spark from using Huawei's equipment, which is described to "have a serious national security risk".

The South China Morning Post said that Ms Meng has spoken to Huawei staff in a recent internal briefing on regulatory compliance.

Huawei, for its part, has denied sharing information with the Chinese government, as has ZTE.

In 2011, the American government stopped Huawei from purchasing US server technology company 3Leaf's assets, for national security reasons.

Traders said the development smashed hopes surrounding the trade war ceasefire announced by President Trump after talks with his Chinese counterpart at the weekend.

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