Huawei’s CFO crisis ends after an American deal

She returned Huawei’s chief financial officer, Meng Wanzhou, is back in China after she reached an agreement with US prosecutors to end a bank fraud case against her, easing tensions between China and the United States.

Within hours of news of the deal, two Canadians who were arrested shortly after Meng’s detention in December 2018 were released from Chinese prisons and were on their way back to Canada.

The years-long issue of Wanzhou’s extradition has been a major source of contention in increasingly tense relations between Beijing and Washington, with Chinese officials citing the need to drop the case to help end a diplomatic stalemate.

The deal could cause US President Joe Biden to draw criticism from China hawks in Washington who argue that his administration is capitulating to China and one of its major companies at the heart of the global technology rivalry between the two countries.

Wanzhou was arrested at Vancouver International Airport pursuant to a US court order and charged with bank and wire fraud for allegedly misleading HSBC in 2013 about the business dealings of the telecom equipment giant in Iran.

Reuters reported that the United States had reached a deferred prosecution agreement with Wenzhou. which took responsibility for its primary role in carrying out a scheme to defraud a global financial institution.

The agreement concerns Wenzhou only, and the US Department of Justice has said it is preparing for trial against Huawei and is looking to make its case in court.

Read also: Huawei accused of spying in Pakistan

China welcomes back Huawei CEO

At a hearing in Brooklyn federal court, Wanzhou of Canada attended. The assistant US attorney said the government is moving to dismiss the charges if it complies with all of its obligations under the agreement. which expires in December 2022.

He added that Wanzhou is being released on a personal pledge, and that the United States plans to withdraw her request to Canada for extradition.

And when US District Judge Ann Donnelly later accepted the deferred prosecution agreement. A Canadian judge signed her release order, rescinding the terms of her bail. She was allowed free movement after nearly three years of house arrest.

Prosecutors provided a statement of facts asserting that it had told financial institutions in 2013 that Iran’s Skycom was a partner of Huawei. While she knew that Skycom was owned and controlled by Huawei to act as its agent in the region.

Wenzhou agreed to the four-page fact sheet. Which details intentionally false statements you made to a financial institution.

Read also: US agencies divided over Honor

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