China warns Canada of ‘consequences’ if it fails to release Huawei CFO

Chinese Tech Exec Faces 30 Years in Prison in U.S., Canadian Prosecutor Says

Canada has a long-standing extradition treaty with the United States, requiring it to cooperate with US Department of Justice requests to hand over suspects.

If extradited to the US, Meng would face charges of conspiracy to defraud multiple financial institutions, a Canadian court heard on Friday.

Major companies have expressed concerns about how the arrest of Huawei Chief Financial Officer Meng Wanzhou in Canada at the request of us authorities would affect U.S.

In this courtroom sketch, CFO Meng Wanzhou of Huawei Technologies, in green, sits beside a translator during Friday's bail hearing at the provincial British Columbia Supreme Court in Vancouver.

Meng, 46, was arrested in Canada on December 1 at the request of the United States.

Meng's arrest during a stopover in Vancouver, announced by the Canadian authorities on Wednesday, pummelled stock markets already nervous about tensions between the world's two largest economies on fears the move could derail the planned trade talks.

"You break the American law, you break the Canadian law, you've got to pay the consequences of that", Kudlow said of the Huawei case.

The Crown attorney argued against granting Meng bail because she's so wealthy that she will easily be able to pay whatever is required and then flee.

He said there is incentive for Meng to leave Canada, telling the court her father's net worth is $3.2 billion and she has no meaningful connection to Canada, apart from spending two to three weeks on vacation in Vancouver every summer. Meng also faces possible extradition from Canada.

A Canadian prosecutor told a Vancouver court on Friday that the United States asked Canada to arrest Meng because the US alleges she violated sanctions on Iran.

Chinese state media have slammed Meng's detention, accusing the United States of trying to "stifle" Huawei and curb its global expansion.

The US case against Meng involves Skycom, which had an office in Tehran and which Huawei has described as one of its "major local partners" in Iran.

Reports from Reuters have previously suggested that over the past decade, Huawei has struck deals to resell embargoed technologies, owned by US companies including Hewlett-Packard, to sanctioned telecom operators in Iran.

Huawei's share of the Canadian smartphone market has been tiny - about 3.8 per cent, according to market research from IDC Canada - but outside of Canada the company is a juggernaut, overtaking Apple earlier this year in smartphone sales and employing more than 170,000 people around the world. Martin identified the firm as HSBC Holdings Plc, but he disputed the USA allegation that Meng misrepresented anything to that financial institution. SkyCom's alleged sanctions breaches occurred from 2009 to 2014.

Chinese telecom giant Huawei's chief financial officer, arrested in Canada, faces USA fraud charges for allegedly lying to banks about the use of a covert subsidiary to sell to Iran in breach of sanctions, a bail hearing heard Friday.

A Huawei spokesman told Reuters in 2013: "Huawei has established a trade compliance system which is in line with industry best practices and our business in Iran is in full compliance with all applicable laws and regulations including those of the UN".

Ms Meng, Huawei's chief financial officer and daughter of the firm's founder, is accused of breaking USA sanctions on Iran.

Huawei operated Skycom as an "unofficial subsidiary", he said, adding that Skycom employees had Huawei email addresses and badges and former employees have said there was no distinction between the two companies.

"China talks are going very well", Trump said on Twitter, without providing any details.

The hearing did not name any banks, but sources told Reuters this week that the probe centred on whether Huawei had used HSBC Holdings to conduct illegal transactions.

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