Canada arrests Huawei CFO, to extradite her to US

Asian markets tumble, China tech hit after Huawei arrest

Canadian Prime Minister Justin Trudeau on Thursday said his government had no involvement in the arrest of a top executive from Chinese technology giant Huawei, who was detained at Vancouver airport.

"We have made solemn representations to Canada and the USA, demanding that both parties immediately clarify the reasons for the detention, and immediately release the detainee to protect the person's legal rights", foreign ministry spokesperson Geng Shuang told reporters. Geng also says Meng's legal rights must be ensured, adding that neither Canadian nor American officials had so far responded to China's concerns.

China's embassy in Canada said it resolutely opposed the arrest and called for Meng's immediate release. Meng has a bail hearing set for Friday, according to Canada's Globe and Mail. The Globe and Mail newspaper, citing law enforcement sources, said she is suspected of trying to evade USA trade curbs on Iran.

The Wall Street Journal reported in April that the US Department of Justice had opened an investigation into suspected violations of Iran sanctions by Huawei.

He said he was not sure whether Trump - who had trumpeted his summit with Xi as "amazing and productive" as he flew back to Washington - was also aware.

"Neither the U.S. nor Canada has made any clarification on the reason for the detention so far", he said.

The tensions between the United States and Huawei started a few months ago due to allegations of spying by the Chinese government using Huawei's equipment.

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That includes theft of USA intellectual property by Chinese actors and forced technology transfers from U.S. companies to Chinese partners in joint ventures, he said.

"The U.S. has been telling its allies not to use Huawei products for security reasons and is likely to continue to put pressure on its allies", said Norihiro Fujito, chief investment strategist at Mitsubishi UFJ Morgan Stanley Securities.

Jasper Lawler, head of research at London Capital Group, responded: "Traders have quickly moved out of riskier assets reflecting nerves that the arrest is likely to escalate tensions between the U.S. and China once again".

An HSBC spokesperson declined to comment.

Huawei, the biggest global supplier of network gear used by phone and internet companies, has been the target of deepening USA security concerns.

Meng, the daughter of Huawei founder Ren Zhengfei, is facing extradition charges to the United States over accusations that she violated Iran sanctions. USA intelligence agencies allege that Huawei is linked to China's government and that its equipment could contain "backdoors" for use by government spies.

State-run China Daily said the arrest of Huawei's chief financial officer appeared to be part of U.S. efforts to contain the company, which is the world's largest telecoms equipment provider, as well as its second-largest mobile phone maker.

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The U.S. stock market also took a nosedive on Thursday in response to the news, National Public Radio reported. Meng was detained in Vancouver on Saturday, the day President Donald Trump met with his Chinese counterpart Xi Jinping in Argentina.

If a US target is in one those countries, one option for the OIA is to contact Interpol to put out what is known as a red notice indicating there is an outstanding arrest warrant for that person.

"Huawei complies with all applicable laws and regulations where it operates, including applicable export control and sanction laws and regulations of the UN, US, and European Union", he added.

Huawei is not listed, but China's second-largest telecom equipment maker, ZTE Corp, sank almost 6 percent in Hong Kong while most of the nearby national bourses lost at least 2 percent.

Canadian officials arrested Huawei CFO Meng Wanzhou on Saturday.

"China has entertained hopes that they could split us away from the U.S.in the Trump era", he said.

"It could jeopardize all of this", Sui said of the arrest. It appears that the arrest is likely in connection to an ongoing U.S. investigation into Huawei allegedly violating global sanctions against Iran and North Korea.

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