Li­lan­geni shakes as Huawei CFO ar­rested

Swazi Observer - - BUSINESS - By Hlengiwe Ndlovu

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.

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