Huawei chief financial officer seeks bail on health grounds

Chinese Tech Exec Faces 30 Years in Prison in U.S., Canadian Prosecutor Says

Chinese Tech Exec Faces 30 Years in Prison in U.S., Canadian Prosecutor Says

China has jumped strongly to Huawei's defense after Meng was arrested by Canadian police at the request of the USA, which has accused her of fraud in connection with a bid to sell American goods to Iran. It has also provoked fears that China may respond by arresting western business people.

Meng is believed to have helped Huawei circumvent USA sanctions on Iran by telling financial institutions that a Huawei subsidiary was a separate company, Canadian prosecutors said at a hearing Friday to determine whether Meng should be released on bail. Meng, he said, had misled US banks into thinking that Huawei and Skycom were separate when, in fact, "Skycom was Huawei". A Huawei spokesman said on Friday the company has "every confidence that the Canadian and US legal systems will reach the right conclusion".

China has warned Canada that it would face grave consequences if it does not release Meng immediately. The arrest has roiled global markets as investors anxious it could torpedo attempts to thaw trade tensions between Washington and Beijing.

WALL STREET: Stocks tumbled on Friday on weaker-than-expected jobs growth and worries that the U.S.

In a bail application seeking her release pending an extradition hearing, Ms Meng said she has long-standing ties to Vancouver dating back at least 15 years, as well as significant property holdings in the city.

Her family assured the court she would remain in Vancouver if she was granted bail, according to the court documents. Her husband said he plans to bring the couple's daughter to Vancouver to attend school during the proceedings.

Meng's bail hearing is set to resume Monday morning in Vancouver.

Huawei is the world's second-largest smartphone-maker, but is also one of the world's biggest producers of telecommunications equipment, including potentially sensitive high-tech infrastructure. The company has said it complies with all applicable export control and sanctions laws and other regulations.

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"The Chinese side firmly opposes this and strongly urges the United States to attach great importance to China's solemn and just position", it said.

Chinese Vice Foreign Minister Le Yucheng told USA ambassador Terry Branstad the United States had made an "unreasonable demand" on Canada to detain Meng while she was passing through Vancouver, China's Foreign Ministry said.

In a separate statement, foreign vice-minister Le Yucheng said America's actions had violated the "legitimate rights and interests of Chinese citizens and are extremely bad in nature".

"We believe this is inhumane and violates her human rights", Chinese Foreign Ministry spokesman Lu Kang told a press briefing on Monday. The U.S. has pressured European countries and other allies to limit use of its technology, warning they could be opening themselves up to surveillance and theft of information.

The U.S. case against Meng involves Skycom Tech Co. Reuters could not independently verify these reports.

The reports came after Meng Wanzhou argued that she should be released on bail from her Canadian jail.

In addition to her role as CFO, Meng serves as deputy chairwoman of Huawei's board.

"We have to understand Chinese companies are not like American companies. OK". No court order. Nothing like that. "They have to. We need to understand that".

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