US ‘suspects Huawei used global banking plot to evade Iran sanctions’

07 December, 2018, 09:48 | Author: Corey Lynch
  • Asian markets tumble, China tech hit after Huawei arrest

British Telecom said this week that it would stop using Huawei equipment in its 5G network, the BBC reported, and us lawmakers have lobbied Canada's prime minister to freeze out the Chinese supplier.

"We are a country of an independent judiciary, and the appropriate authorities took the decisions in this case without any political involvement or interference".

'We have made solemn representations to Canada and the United States, demanding that both parties immediately clarify the reasons for the detention, and immediately release the detainee to protect the person's legal rights, ' Chinese foreign ministry spokesman Geng Shuang said in Beijing.

The arrest came the same day as Trump's self-described "extraordinary" meeting with Chinese President Xi Jinping in Argentina, on the sidelines of the Group of 20 summit.

But planning for the arrest was well underway as Mr Trump prepared for a dinner that he said later resulted in an "incredible" deal with Mr Xi - an agreement that may be in danger of unravelling after Chinese officials learnt of Ms Meng's capture and pending extradition to the US. He said targeting Huawei, one of its most successful companies, "will trigger anti-U.S. sentiment".

It added that it complies with all laws and regulations where it operates, including worldwide sanctions.

A spokesman for the United States justice department in the Eastern District of NY - which Huawei said had brought the charges - declined to comment. A person familiar with the matter told Reuters she faces extradition on charges related to us sanctions violations.

Huawei, China's largest maker of smartphones and telecommunications equipment, has been swept up in concerns that products made by Chinese technology companies are avenues for surveillance by the country's intelligence agencies.

"You can play hardball with a small country but you can't do it with the USA", he said.

Huawei derives around half of its revenue from supplying equipment to telecoms carriers around the world.

FILE - U.S. President Donald Trump's National Security Adviser John Bolton waits for the begenning of talks with Russian President Vladimir Putin in the Kremlin in Moscow, Russia, June 27, 2018.

The probe of Huawei is similar to one that threatened the survival of China's ZTE Corp 0763.HK 000063.SZ , which pleaded guilty in 2017 to violating USA laws that restrict the sale of American-made technology to Iran. Neither the US nor Canada has provided an explanation for Meng's arrest, a spokesperson for China's ministry of foreign affairs said Thursday.

Her arrest, revealed late on Wednesday by Canadian authorities, is related to US sanctions, a person familiar with the matter said.

The US State Department has for months classified China as an "increased caution" risk for American travelers, particularly businesspeople.

"Forget the trade war, it is now all-out economic war with China apparently", Chris Rupkey, chief market economist at MUFG, wrote in a note.

State-run tabloid Global Times said: "Obviously Washington is resorting to a despicable rogue's approach as it can not stop Huawei's 5G advance in the market". "Certainly other governments also have an equal reason to be mindful and concerned about the espionage intention and capabilities of the west".

The Global Times said in a separate editorial on Friday: "We believe that the United States government, like China, is willing to end the trade war".

Mulroney said the Meng case has brought Canada and China to an inevitable reckoning in their relationship.

The detention of Meng, who takes her family name from her mother and has also used the English first names "Cathy" and "Sabrina", has once again thrown the spotlight on Huawei at a time of heightened global concerns over electronic security.

Trump has "pulled out all the stops" to hamper Chinese ambitions to challenge the a technology leader, Lam said. ZTE, whose Hong Kong-listed shares were suspended in April because of the ban and only resumed trading in July, was also forced to replace its board.

Founded in 1987 by Ren Zhengfei, a former People's Liberation Army engineer, Huawei has always enjoyed favorable treatment from a government that - like the US - remains wary of employing too much foreign technology for vital communications.


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