Huawei CFO accused of fraud is granted $7.5M bail - Techdap

Huawei CFO accused of fraud is granted $7.5M bail

Wednesday, May 15, 2019

Huawei CFO accused of fraud is granted $7.5M bail

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The Canadian government has granted bail to Meng Wanzhou, Huawei’s chief financial officer, 10 days after her arrest in Vancouver. The decision concludes a three-day court hearing in which the judge and the public prosecutor debated whether Wanzhou would breach her bail conditions.

Wanzhou, the daughter of Huawei founder Ren Zhengfei, has been accused of fraud with a maximum penalty of 30 years in prison. She was arrested by Canadian officials at the request of the U.S. government on December 1 while changing planes on her way to Mexico. As part of her bail conditions, the court has ordered her to pay C$10 million — about $7.5 million — and await U.S. extradition from her Vancouver home. According to reports, Wanzhou must relinquish her passport, wear an ankle bracelet and remain at home between the hours of 11 p.m. and 6 a.m.

The U.S. Department of Justice alleges Wanzhou misled American financial institutions and allowed an unofficial Huawei subsidiary, called SkyCom, to do business in Iran despite U.S. sanctions.

Huawei didn’t immediately respond to a request for comment.

President Donald Trump, in an interview with Reuters, said he would be willing to intervene in the Justice Department’s case, citing national security concerns.

“If I think it’s good for what will be certainly the largest trade deal ever made – which is a very important thing – what’s good for national security – I would certainly intervene if I thought it was necessary,” Trump said.

Chinese stocks plummet as Huawei CFO arrest raises trade fears

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