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Everything That Happened With Huawei While You Were Sleeping



Photo: Gizmodo

Huawei's chief financial officer Meng Wanzhou was arrested in Canada on behalf of the U.S. last weekend and the grab grabbed the spotlight. Meng what apprehended for allegedly violating U.S. sanctions against Iran, but we will not officially hear the bail hearing today in Vancouver.

China has demanded that Meng be released immediately, while American businesspeople are being warned about traveling to China. It's a fast-moving story that has drawn the attention of bankers from Wall Street to Silicon Valley technologists. But what happens next?

Photo of Huawei's CEO Ren Zhengfei speaking at a conference in St. Petersburg, Russia on June 22, 2012
Photo: AP [19659006AmericantechexecutiveswarnedabouttravelingtoChina

Executives in the tech industry are being warned about traveling to China as some experts speculate that Chinese government could retire over the arrest of Huawei's Meng. The 46-year-old Meng, who sometimes goes by the name Sabrina or Cathy, is not just the CFO of Huawei. Ren Zhengfei, who is close to the People's Liberation Army, is the name of China's armed forces.

Shaun Rein of the China Market Research Group told the Sydney Morning Herald today, "If I were a high China executives at any time soon. "

Bill Bishop, author of the Asia-centric Sinocism newsletter, seems to think that China would be dying to be arrested The potential for arrest:

China may retaliate by arresting a US tech executive. That would certainly be explosive, but I would not say that it would be a very clear legal case as it would undermine the massive propaganda campaign the party has taken to portray the PRC as the defender of the global trading system. However, if I were a US tech executive …

I guess the takeaway is that you're looking for an American business person looking to go to China , you know the risks right now. And it's just not worth it until things settle down.

[Sydney Morning Herald and Sinocism]


HSBC branch in Hong Kong on February 20, 2018
Photo: AP

Actually, it might be about bank fraud

Why was Meng arrested? The reason we keep hearing is that Huawei has violated U.S. sanctions against doing business with Iran. But that was not the place to be.

Reuters reports:

Huawei has shipped US-origin products to Iran and other countries in violation of U.S. Export and sanctions laws, Reuters reported in April.

More recently, the sample has been used by HSBC Holdings. financial system to funnel goods and services to sanctioned entities.

Huawei, which has appointed Chairman Liang Hua as CFO while Meng is in detention if it wants to have a lawful presence in the United States. And they are using American-based banks to violate sanctions.

[Reuters]


Japan's Prime Minister (right) laughs in the vicinity of American president and unindicted co-conspirator Donald trump on November 30, 2018 in Buenos Aires, Argentina
Photo: Getty Images

Japan wants to ban Huawei and ZTE from government contracts

Japan wants reportedly the purchase of Huawei and ZTE technology

CNBC, citing the Japanese-language newspaper Yomiuri newspaper, says that it was considered as a "state of the art" as Monday next week.

Unnamed sources in Japan reportedly cite the same security concerns as other countries like Australia, the U.K., and Canada. Japanese governments, as well as Japanese government officials as well.

[CNBC]


China President Xi Jinping meets President Donald Trump on December 1, 2018, the same day that arrives
Photo: AP

Did President Trump know the arrest would happen?

Canadian Prime Minister Justin Trudeau says that he's not involved in the arrest of Meng, but that he's made aware days before. President Xu Jinping over the weekend? How much did President Trump know about the arrest? The answer? He did not know much.

President Trump reportedly had no idea that the Huawei exec would have been arrested. At least that's what national security advisor John Bolton said at the National Public Radio late yesterday.

From NPR:

[NPR]: All right. Did the president know in advance that this arrest was coming?

[John Bolton]: You know, I do not know the answer to that. I knew in advance, but this is something that's, that we get from the Justice Department and these kinds of things happen with some frequency. We certainly do not inform the president of every one of them.

OK. So you knew that at that time over the weekend with China's president that arrest was taking place?

Well, you know, there are a lot of things that are pending in any given time. Trump has yet to tweet directly about the Huawei case, but it's rather astounding that we have a situation where the president may have been in the dark about this situation-an international incident that is not going away anytime soon and has major implications for the US stock market and the American technology sector more broadly.

Instead, Trump appears to be very interested in Robert Mueller's investigation this morning.

And that's all in less than an hour.

Maybe the president can squeeze in a comment about the Meng case and our New Cold War was about the Russia investigation. But we're not holding our breath. He seems like he's got his hands full today.

[National Public Radio]


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