Lilangeni shakes as Huawei CFO arrested
PEGGED to the South African Rand on a one-on-one basis, the Lilangeni slid by almost one per cent yesterday amid reports that Huawei Chief Financial Officer Meng Wanzhou was arrested in Canada.
Different currencies, including the Rand, and by extension the Lilangeni, took a knock after Wanzhou’s arrest. The arrest of the world’s leading smartphone producer’s CFO also rattled Asian stocks in Shanghai, Taipei and Hong Kong.
South African publication Business day reported that by 9.12am yesterday, the Rand was 0.62 per cent weaker against the Dollar at R13.9301, 0.48 per cent against the Euro at R15.7840 and 0.43 per cent against the Pound at R17.7105. The euro was 0.13 per cent weaker at $1.1329. Huawei is one of the world’s fastest rising smartphone brands with a strong presence in Africa, including in Eswatini.
The Chinese brand recently overtook Apple in smartphone shipments.
In the meantime, Meng was arrested in Canada and faces extradition to the United States of America. Her arrest comes after The Wall Street Journal reported in April that US authorities had opened an investigation into suspected violations of Iran sanctions by Huawei.