Canada arrests Huawei CFO as China and US stocks plummet

The US has ordered Huawei CFO Meng Wanzhou to be detained due to suspicions of violations of US trade sanctions against Iran

6Dec

Huawei's CFO Meng Wanzhou was arrested in Canada on December 1, upon request from the US government, "on suspicion she violated US trade sanctions against Iran.

Wanzhou has been detained in Canada, however, Chinese officials have demanded clarity into the situation claiming no regulation has been broken, according to the South China Morning Post.

A Chinese embassy in Canada spokesperson said: "At the request of the US side, the Canadian side arrested a Chinese citizen not violating any American or Canadian law. The Chinese side firmly opposes and strongly protests over such kind of actions which seriously harmed the human rights of the victim."


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In respect to the aforementioned conviction, Huawei said that the company complied with all applicable laws and regulations in countries of operation, "including applicable export control and sanction laws and regulations of the UN, the US and the EU".

As a result of the arrest, Huawei's US and Asian stock has plummeted. Along with its own plummeting shares, Shennan Circuits and Chinasoft International, both Huawei suppliers, were among the declining stock market. Shennan Circuits dropped 9.3% to 75.27 yuan ($10.90) on the Shenzhen Stock Exchange and Chinasoft International plunged 11% to HK$4.09 ($0.52).

A bail hearing for Meng has been set for December 7.

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