Why This Woman's Arrest Is Causing Markets to Tank

Meng Wanzhou is the CFO of Chinese tech giant Huawei
By John Johnson,  Newser Staff
Posted Dec 6, 2018 1:17 PM CST

(Newser) – The arrest of a Chinese tech executive rattled already jittery world markets Thursday and brought international attention to her company, Huawei Technologies. The woman in custody is its 46-year-old chief financial officer, Meng Wanzhou, who also goes by Sabrina Meng. China is seething over the arrest, which took place at the request of American authorities at Vancouver International Airport in Canada on Dec. 1. The news comes days after the US and China declared a temporary truce in their trade war and threatens to throw a wrench into already complicated negotiations. Some basics:

  • Why? Canadian authorities arrested Meng over alleged violations of American trade sanctions on Iran, reports the Globe and Mail. The charges have not been specified, and the Justice Department has not commented. Earlier this year, US authorities began investigating the company over allegations that it was shipping "US-origin" products to Iran in violation of the sanctions, reports Reuters.
  • What is Huawei? Meng's company is a huge player in the global telecom industry. It is the second-biggest maker of cellphones and the world's No. 1 supplier of telecom network equipment, reports the AP. The company was founded by Meng's father, Ren Zhengfei, a former military engineer.

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