4 things to know about Huawei
China is demanding that Canada release a Huawei Technologies executive arrested for possible extradition to the United States. Huawei’s chief financial officer, Meng Wanzhou, was arrested Saturday in Vancouver, Canada. The Globe and Mail newspaper, citing law enforcement sources, said she is suspected of trying to evade U.S. curbs on trade with Iran. Here are some key facts about the fast-growing telecom equipment supplier: Wall Street Journal reported Washington was investigating whether Huawei had violated sanctions on Iran.
Both Huawei and ZTE Corp. have faced trouble with the U.S. and other governments over dealings with Iran and fears the Chinese companies’ equipment might be used for spying. ZTE was nearly driven out of business this year when Washington barred it from buying U.S. technology over exports to North Korea and Iran. President Donald Trump restored access after ZTE agreed to pay a $1 billion fine, replace its executive team and embed a U.S.chosen compliance team in the company. Huawei seems much stronger commercially than ZTE, with the biggest research and development budget of any Chinese company and a vast portfolio of patents, making it less dependent on American suppliers.