Canada arrests Huawei CFO, to extradite her to US

07 December, 2018, 08:17 | Author: Dave Hampton
  • Asian markets tumble, China tech hit after Huawei arrest

Global stock markets slumped for a third day running on Thursday as the arrest of a top executive of Chinese tech giant Huawei in Canada for extradition to the United States fed fears of fresh tensions between the two economic superpowers.

Chinese Foreign ministry spokesman Geng Shuang told reporters Thursday that the Chinese government also wants Canadian officials to reveal the reasoning.

Beijing has called for Meng's release, and the Chinese embassy in canada said that her arrest "seriously harmed the human rights of the victim". Neither the USA nor Canada has provided an explanation for Meng's arrest, a spokesperson for China's ministry of foreign affairs said Thursday.

The U.S. has been investigating Huawei since 2016 for possible violations of export controls and U.S. sanctions related to Iran and other countries.

While the government promptly protested against the arrest and demanded her release, the Foreign Ministry later said it was waiting for details on her capture.

Marty Kady, the editor of Politico Pro pointed out on Twitter that Meng's detention was the "equivalent of an Apple or Facebook exec being arrested in China".

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The Global Times said in a separate editorial on Friday: "We believe that the USA government, like China, is willing to end the trade war". The daughter of the Chinese telecommunications giant's founder was arrested Saturday in Canada on US request, in a move that threatens to inflame U.S.

"One thing that is undoubtedly true and proven is the USA is trying to do whatever it can to contain Huawei's expansion in the world simply because the company is the point man for China's competitive technology companies", the editorial said.

The arrest comes at a sensitive time for US-China relations.

The probation violation cited by the judge involves the same conduct the U.S. Department of Commerce penalized in April by imposing a ban on U.S. companies selling goods to ZTE.

The timing of the arrest could not have come at a worse time for Huawei.

In a statement issued exclusively to the News from Huawei's corporate head office, the company explained how Meng was "provisionally detained by the Canadian authorities on behalf of the United States of America, which seeks the extradition of..."

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Huawei confirmed the arrest in a statement and said that it has been provided little information of the charges, adding that it was "not aware of any wrongdoing by Ms. Meng". It was the same day that US President Donald Trump and Chinese President Xi Jinping met in Argentina for the G20 summit, where they agreed a 90-truce in their trade war.

But news of Ms Meng's detention spooked sentiment on Thursday - leaving European and United States markets on course for steep falls at the open. "The potential slowdown in global growth is also something the markets are pricing in". And earlier this year, the heads of six major US intelligence agencies (including the Federal Bureau of Investigation and the CIA) warned citizens not to use their products and services. -Chinese cease-fire in a tariff war over Beijing's technology policy. The Shenzhen-based company said it complies with all applicable laws and regulations where it operates "including applicable export control and sanction laws and regulations of the UN, US and European Union".

"The Chinese will absolutely interpret it as being directly connected", said Dean Cheng, a Heritage Foundation senior research fellow on Chinese political and security affairs.

Huawei, now the world's second-largest smartphone manufacturer, is among China's most internationally known technology firms.

That same month Washington barred Huawei rival ZTE Corp. from exporting U.S. technology in a separate case over exports to Iran and North Korea. "We oppose the imposition of unilateral sanctions by certain country outside the framework of the Security Council".

Meanwhile, the substantially more independent South China Morning Post reported today that Meng and her father recently told Huawei employees that strict compliance with regulations was sometimes not financially feasible and could be avoided. "I don't see the basis on which this could be quashed by Canada", he said.

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