MengWanzhou
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Canada will allow US extradition of Huawei CFO to move forward
Huawei financial chief Meng Wanzhou is one step closer to facing sanctions-related fraud charges in the US. Canada's Department of Justice has issued an Authority to Proceed measure that greenlights the extradition process for Meng, making it that more likely she'll head south. A British Columbia Supreme Court will set the date for the extradition hearing at a March 6th court date where Meng will appear.
Huawei CFO freed on bail ahead of extradition
Tensions remain high over the arrest of Huawei CFO Meng Wanzhou for alleged Iran sanction violations, but Canada just offered a tiny olive branch. A British Columbia Supreme Court justice has granted Meng bail after her attorney and family made a case for her conditional release. She's paying $10 million CAD ($7 million of it in cash) and must stay in the province, report to a supervisor, agree to around-the-clock surveillance, pay for security, live in a Vancouver area house owned by her husband (Liu Xiaozong) and remain home between 11PM and 6AM.
Huawei CFO faces fraud accusations from US in Canadian bail hearing
Chinese tech manufacturer Huawei's chief financial officer is facing fraud charges in the United States and faces up to 30 years in prison if found guilty, according to the New York Times. Meng Wanzhou, the daughter of Huawei founder Ren Zhengfei, is accused of "conspiracy to defraud multiple financial institutions" including breaking American sanctions on Iran. She was arrested in Canada earlier this week and faces extradition to the US.
Huawei 1H 2012: profits dropped 22 percent, still made $1.37 billion
Huawei's financial figures for the first six months of 2012 reveal that the Chinese behemoth brought in turnover of 102.7 billion yuan ($16.08 billion), making a profit of 8.79 billion yuan ($1.37 billion). That's not exactly bad news, but the figure is 22 percent smaller than the same period last year -- leading the company to blame the drop on the global economy and saying that the telecoms business is a "significant challenge." It humbly bragged that it had deployed 38 of the 80 commercial LTE networks worldwide and that the upstart now held over 12 percent of the Chinese smartphone market. It also claimed that the Ascend P1 and Ascend D1 had become bestselling handsets in China, Western Europe, Japan, Australia and Canada -- which might have prompted CFO Ms. Meng Wanzhou to be "optimistic" about the company's performance in the second half of the year.
