Huawei’s CFO Meng Released on Bail

Huawei’s CFO Meng Released on Bail

Update:  A Canadian court granted bail Tuesday to a top Chinese executive arrested at the United States’ request in a case that has set off a diplomatic furor among the 3 countries and complicated high-stakes US-China trade talks.  

After 3days of hearings, a British Columbia justice granted bail of $10 million Canadian (US$7.5-M) to Ms. Meng, but required her to wear an ankle bracelet, surrender her passports, stay in Vancouver and its suburbs and confine herself to 1 of her 2 Vancouver homes from 11p to 6a daily.

The decision was met with applause in the packed courtroom, where members of Vancouver’s Chinese community had turned out to show support for Ms. Meng. She left the courthouse late Tuesday surrounded by a security detail and was driven away in a black SUV without responding to questions from reporters.

US President Donald Trump said in an interview Tuesday that he may intervene in the US case against a top Huawei executive detained and bailed by Canada to further the trade relationship with China.

Meng Wanzhou, Huawei’s chief financial officer, is wanted by US authorities for violating Iran sanctions but Beijing has expressed outrage over her detention in Vancouver, ratcheting up tensions in the US-China trade dispute.

Asked by Reuters if he would intervene with the Justice Department in her case, Trump was quoted as saying: “Whatever’s good for this country, I would do.”

“If I think it’s good for what will be certainly the largest trade deal ever made — which is a very important thing, what’s good for national security ‒ I would certainly intervene if I thought it was necessary,” Trump told the news agency.

Trump added that White House officials had spoken with the Justice Department and Chinese officials about the case but said he had not personally spoken with Chinese President Xi Jinping, or any other official.

A Canadian judge granted Meng bail earlier, in a case that has frayed relations between the North American allies and China.

Beijing has expressed outrage over her arrest at the request of Washington on December 1 and is holding a former Canadian diplomat in China, intensifying the row.

The list of strict conditions of her release pending the outcome of the extradition case is lengthy, and includes the surrender of her passports and electronic monitoring.

She was expected to be released shortly, and will be allowed to stay at a luxury home owned by her husband Liu Xiaozong in Vancouver.

Meng is accused of lying to bankers about the use of a covert subsidiary to sell to Iran in breach of sanctions. If convicted, she faces more than 30 years in prison.

The extradition process, scheduled to start on February 6, could take months, even years, if appeals are made in the case.

Earlier, the three-way diplomatic standoff over her arrest intensified with the news that China had detained Canadian national Michael Korvig.

The former diplomat once served in Beijing but was there on unpaid leave.

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S. Jack Heffernan Ph.D. Funds Manager at HEFFX holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that have seen market capitalization over $500m and 1 that reach a peak market cap of $15b. He has managed and overseen start ups in Mining, Shipping, Technology and Financial Services.

One Response to "Huawei’s CFO Meng Released on Bail"

  1. Paul Ebeling   December 12, 2018 at 6:10 am

    Mate,

    Ms, Meng the CFO of Huawei was granted bail by a Canadian court President Trump may have intervened,

    Peace,

    Paul

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