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U.S. probe of China's Huawei includes bank fraud accusations: sources
Source: Reuters
BUSINESS NEWS DECEMBER 6, 2018 / 1:41 PM / UPDATED AN HOUR AGO
Exclusive: U.S. probe of China's Huawei includes bank fraud accusations: sources
Karen Freifeld
5 MIN READ
WASHINGTON (Reuters) - Chinese telecoms giant Huawei Technologies Co Ltd’s chief financial officer was arrested as part of a U.S. investigation of an alleged scheme to use the global banking system to evade U.S. sanctions against Iran, according to people familiar with the probe.
The United States has been looking since at least 2016 into whether Huawei Technologies Ltd violated U.S. sanctions against Iran, Reuters reported in April. More recently, the probe has included the company’s use of HSBC Holdings Plc to make illegal transactions involving Iran, the people said.
Huawei CFO Meng Wanzhou, daughter of the company’s founder, Ren Zhengfei, was arrested in Canada and faces extradition to the United States. The news roiled global stock markets on fears the move could escalate the Sino-U.S. trade dispute.
In 2012, HSBC paid $1.92 billion and entered a deferred prosecution agreement with the U.S. Attorney’s office in Brooklyn for violating U.S. sanctions and money-laundering laws.
-snip-
Exclusive: U.S. probe of China's Huawei includes bank fraud accusations: sources
Karen Freifeld
5 MIN READ
WASHINGTON (Reuters) - Chinese telecoms giant Huawei Technologies Co Ltd’s chief financial officer was arrested as part of a U.S. investigation of an alleged scheme to use the global banking system to evade U.S. sanctions against Iran, according to people familiar with the probe.
The United States has been looking since at least 2016 into whether Huawei Technologies Ltd violated U.S. sanctions against Iran, Reuters reported in April. More recently, the probe has included the company’s use of HSBC Holdings Plc to make illegal transactions involving Iran, the people said.
Huawei CFO Meng Wanzhou, daughter of the company’s founder, Ren Zhengfei, was arrested in Canada and faces extradition to the United States. The news roiled global stock markets on fears the move could escalate the Sino-U.S. trade dispute.
In 2012, HSBC paid $1.92 billion and entered a deferred prosecution agreement with the U.S. Attorney’s office in Brooklyn for violating U.S. sanctions and money-laundering laws.
-snip-
Read more: https://www.reuters.com/article/us-usa-china-huawei-tech-exclusive/exclusive-u-s-probe-of-chinas-huawei-includes-bank-fraud-accusations-sources-idUSKBN1O528D