Huawei’s financial director Meng Wanzhou will remain stuck in Canada for the weekend. The hearing in which the judge would decide whether or not to allow bail was postponed until Monday. Meng was arrested Wednesday in Canada at the request of the United States.
During the five-hour Friday hearing, the US tried to try Meng for fraud. She would have allowed SkyCom, an unofficial subsidiary of Huawei, to trade with Iran. In doing so, she violated a trade embargo that the US has filed against Iran and has deceived American banks.
After the arrest of Meng, the American maker of network equipment Cisco Systems warned his staff not to travel to China, reports the Japanese business magazine Nikkei Asian Review that saw an internal memo. However, Cisco stated on Friday that no ban applies. The memo shows that American companies are afraid that China will pay back the US with the same currency.
