Huawei trims size of Lon­don fi­nance team as its re­la­tion­ship with UK de­te­ri­o­rates

The Daily Telegraph - Business - - Front Page - By Han­nah Boland

HUAWEI cut the size of its Lon­don­based fi­nance team by al­most a fifth last year as it faced mount­ing scru­tiny from Bri­tish min­is­ters.

In an­nual fil­ings re­leased ear­lier this month, the tele­coms gi­ant re­vealed it had trimmed the num­ber of peo­ple work­ing in its Huawei Global Fi­nance business to 162 at the end of De­cem­ber, down from 192 a year ear­lier.

The of­fice in Lon­don was set up in 2013 to man­age Huawei’s in­ter­na­tional fi­nances and to work closely with the in­ter­na­tional banks that sup­port its cus­tomers. The team had been ex­pand­ing, from 70 staff in 2015 to a high of 196 at the end of 2017.

Since then, Huawei’s re­la­tion­ship with West­ern coun­tries has sig­nif­i­cantly de­te­ri­o­rated. The UK de­cided ear­lier this year to block Huawei from

Bri­tain’s 5G net­works and de­manded the re­moval of ex­ist­ing kit made by the Chi­nese tele­coms gi­ant.

The de­ci­sions fol­lowed pres­sure from the US, which had claimed Huawei equip­ment could be used by Bei­jing for es­pi­onage. Huawei has re­peat­edly de­nied the al­le­ga­tions.

A spokesman for Huawei said: “Part of Huawei’s global fi­nance team is based in Lon­don and its work is Huawei-group fo­cused … It helps to man­age our fi­nan­cial in­ter­ests in the 170 coun­tries where we op­er­ate and the size of the team will fluc­tu­ate an­nu­ally for any num­ber of rea­sons.”

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