World’s largest telecom equipment manufacturer and top 5G tech developer Huawei global CFO arrested by Canada on 6th December and planning to extradite to United States said by Canada’s Department of Justice.
Tech giant reported US$92.5 billion total revenue in 2017.
“Meng Wanzhou”, who is a board member and also a daughter of the Huawei Founder Ren Zhengfei detained at the airport b..y Canadian authorities in Vancouver.
The ongoing trade cold war between US and China was ceased for 90 days after both countries leaders had meeting during G-20 summit in Argentina. But US seems to be after Huawei or Chinese tech companies.
Reason for Arrest?
“United States are not allowing its allied countries and Companies to make business with the US sanctioned countries”. Here comes Iran.
Huawei accused of selling the US tech to Iran’s largest telecom operator though the Hong Kong based company Skycom where Meng Wanzhou was the board member and it’s totally violation of U.S. export and sanctions laws.
Huawei been fined by US government in the past for $1 billion and banned to sale telecom equipment’s in the country over national security threat since 2012.
Several countries including Germany, Australia, US and Now England decided to remove Huawei equipment’s from its 3G and 4G core technology.
US Stocks are up where Asian telecom market is tumbled after the news broke out. Chinese media claimed its a “total political move against Chinese tech companies to retain the top spot by US” and demands release of Meng.
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