Huawei CFO arrested for alleged sanctions fraud against financial institutions

  • At the request of the US, Meng Wanzhou, Huawei’s CFO, was arrested in Canada on 1 December.

    It is believed Huawei used Skycom Tech (a Hong Kong company), which operated as an unofficial subsidiary, for Iran related business. Meng Wanzhou is accused of covering this up in order to persuade banks to provide financial services in breach of US sanctions. No financial institutions are being investigated, including HSBC, the only bank named as involved at this point.

    Meng Wanzhou faces extradition to the US and charges of conspiracy to defraud financial institutions.

    In response to the allegations Huawei has said it complies with sanctions laws.