Huawei CFO arrested in Canada, extradition to the U.S. coming

Meng Wanzhou, the CFO of Huawei, was arrested in Canada at the request of the United States and will be extradited at some point in the future.

The arrest happened the same night Trump and China’s president Xi Jinping were agreeing to a 90 day trade truce.

Canada’s Justice Department cannot tell why the US sought extradition or what charges she might face, however hints from Ben Sasse, R Nebraska, indicate it might have something to do with the US sanctions against Iran.

The arrest has sent ripples through the stock markets, generally in the tech sector as futures might be less profitable with one of the world’s largest phone manufacturers potentially facing a multi-country lockout similar to what happened to ZTE a bit ago.

Huawei supplier AAC Technologies was down about 7% if I did the math right, and Sunny Optical Tech Group is on delayed reporting for some reason.

And other than a lot of speculation that it’s a continuation of last year’s Treasury inquiry, there’s not much to go on.

[NY Times, CNN, NPR]

Paul E King

Paul King started with GoodAndEVO in 2011, which merged with Pocketables, and as of 2018 he's evidently the owner. He lives in Nashville, works at a film production company, is married with two kids. Facebook | Google+ | Twitter | Donate | More posts by Paul | Subscribe to Paul's posts