Huawei executive arrested by Canadian officials at U.S. request

Huawei's global chief financial officer arrested in Vancouver

The massive fall in stocks was preceded by a major scandal involving the arrest of Huawei Technologies' chief financial officer, Wanzhou Meng in Vancouver at the request of the USA government, threatening to undermine the recently reached understanding between Beijing and Washington on their ongoing trade war. China immediately reacted with outrage on Wednesday, demanding that both countries move to free Meng. "China talks but the reality is, it won't be that easy", he said.

The timing and manner of this is shocking.

Wanzhou is also the daughter of Huawei's founder, Ren Zhengfei, one of China's most prominent businessmen. "It's not often the phrase OMG appears in our internal email discussions". "U.S. President Donald Trump should rein in the hostile activities of some Americans who may imperil Sino-U.S. relations".

He added that proper handling of the case would help to resolve contentious issues between China and the United States, including cyber theft.

The FTSE 100 is set to drop around 1% as Thursday's trading kicks off as the global equities market bristles at renewed trade tensions - Trump's Chinese truce evidently didn't last long.

The arrest took place on the same day Trump met with Chinese President Xi Jinping to discuss the trade war after the close of the G-20 summit in Argentina.

It's unclear exactly what charges Meng could face if she is extradited to the United States. "The company believes the Canadian and USA legal systems will ultimately reach a just conclusion", the statement said.

U.S. markets were closed on Wednesday due to the funeral of former president George HW Bush.

However, according to the Globe and Mail, she was arrested on suspicion she violated US trade sanctions against Iran. It was not clear if they were aware of the arrest beforehand, however.

Meng, 46, has been the CFO of Huawei Technologies since 2011 and vice chair of the company since March 2018.

Perhaps no company better personifies the perceived trade threat than Huawei. It surpassed Apple in smartphone sales in the second quarter of this year, leaving it behind only market leader Samsung. -Broadcom Inc. merger that would've been the largest deal ever, saying it would hand the lead in 5G to China.

Meng "was arrested in Vancouver on December 1", a statement by Canada's ministry of justice said.

The Wall Street Journal reported last month that USA officials had briefed counterparts in countries including Germany, Japan and Italy on potential security risks from Huawei equipment. While the company has made advances in developing its own microchips, it still relies on American equipment to make its networking gear and smartphones.

The U.S.is anxious about the extent to which Chinese-made equipment is used in the telecommunications sectors of countries that host American military bases.

Various reports indicated that this could be related to violations of USA sanctions on Iran.

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. Huawei, which sells smartphones, has always been identified by the U.S.as a threat to national security.

A foreign ministry spokeswoman, Hua Chunying, said then that China hoped the USA would refrain from taking actions that could further undermine investor confidence in the U.S. business environment and harm its domestic economy.

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