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Huawei CFO Released On Bail

The sensational way in which Huawei CFO Meng Wanzhou was arrested in Canada drew worldwide media attention and led to strong protests by China has been resolved amicably as she was granted bail by a Canadian judge early this week. Ms. Meng was arrested on the directive of United States for circumventing trade sanctions issued by it against Iran using illegal means. The trail court of Vancouver justice William Ehreke granted Ms. Meng conditional freedom if she can place a bond of $7.5 million of which 5.2 million has to be in cash. Her lawyers have offered to put two of her properties in Vancouver worth $16.3 million as collateral to pay the bond.

Her legal team has also assured the judge that her firm will pay expenses for GPS monitoring and 24/7 guards at her premises. United States has time till January8, 2019 to file for Meng’s extradition to the United States or she will be set free said the judge. Till such date she will have to remain indoors between 11 pm and 6 am and will stay in greater Vancouver area as per report published in Toronto Star. US president Donald Trump said that he will intervene in the case if found necessary for US interests.

Ms. Meng who is also the daughter of Huawei’s founder was arrested in Canada when she was changing planes in Vancouver. She was accused by Canadian prosecutors of misleading banks to believe that her firm Huawei had no connections with Hong Kong based Skycom Tech that allegedly sold American computer equipment to Iranian mobile phone firm.  As per US sanctions such a move would attract legal charges as sale of American products to Iran is not allowed legally. Though Ms. Meng told banks in US that both Skycom Tech and Huawei are two separate business entities investigators insist that Skycom is a subsidiary of Huawei.