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Huawei CFO Being Prosecuted for Fraud, Canada Says

  • Meng’s defense lawyer says no evidence she broke U.S. laws
  • Case roils markets already hammered by U.S.-China trade war
Huawei Technologies Chief Financial Officer Wanzhou Meng Faces Bail Hearing
Photographer: James MacDonald/Bloomberg
Updated on

Huawei Technologies Co. Chief Financial Officer Meng Wanzhou was charged with conspiracy to defraud banks and should not be granted bail because she may flee, a lawyer representing Canada said during a court hearing on Friday.

The U.S. alleges that Huawei used an unofficial subsidiary called Skycom to do business in Iran for Iranian telecom companies, breaching U.S. and European sanctions against the Middle Eastern country, according to Crown attorney John Gibb-Carsley.