The CFO of China’s Huawei Technologies Corporation, Meng Wanzhou arges that she should be bailed until the extradition hearing while pleading innocence. She also cited her two properties in Vancouver, Canada, both worth millions of dollars each. She reportedly fears the decline of her health while incarcerated. She was arrested in December 1st in Vancouver under the request of the Government of USA.
Meng, 46, faces U.S. accusations that she misled multinational banks about Huawei’s control of a company operating in Iran. This deception put the banks at risk of violating U.S. sanctions and incurring severe penalties, according to court documents seen by Reuters. U.S. officials allege that Huawei was trying to use the banks to move money out of Iran.
China has already demanded her immediate release and wishes to extradite her. This provides an increase in trade tensions between Washington and Beijing as US Future Stocks fell by 0.71% in early Asia trading. Meng swears that she is innocent and gives consent to contest allegations if surrendered in the USA. Meanwhile, the CFO has been taken to the hospital to recover from Hypertension while under detention.
Meng’s current Bail hearing is set for next Monday while under oath to not leave Vancouver if she is granted bail. Huawei, a market leader across many countries in Europe, Asia and Africa, previously said it has complied with all applicable rules and was found reluctant to give an immediate remark upon the court documents filed by the organisation’s CFO Meng Wanzhou.
Chinese Vice Foreign Minister Le Yucheng told U.S. ambassador Terry Branstad the United States had made an unreasonable demand on Canada to detain Meng while she was passing through Vancouver. As per his statements,
“The actions of the U.S. seriously violated the lawful and legitimate rights of the Chinese citizen, and by their nature were extremely nasty,” Le told Branstad.
On Saturday, Le warned the Canadian ambassador there would be severe consequences if it did not immediately release Meng. China urged the United States to withdraw the arrest warrant, Le added.
“China will respond further depending on U.S. actions,” he said, without elaborating. Canadian Ambassador in Beijing has assured the Chinese consular access will be provided to Meng.
Further details remain unknown as all three countries look towards the future of the case with keen interest. Any false move may upset the delicate trade balances established between the three nations and may cause further collapse and collateral damage alongside it.