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Huawei CFO, U.S. reach agreement to resolve bank fraud charges

Reuters | and | Sep 24, 2021

Meng W - Huawei CFO, U.S. reach agreement to resolve bank fraud chargesSept 24 (Reuters) - Huawei Chief Financial Officer Meng Wanzhou has reached an agreement with U.S. prosecutors to end the bank fraud case against her, according to sources familiar with the matter, in a process that should allow her to leave Canada and relieve a point of tension between economic super powers China and the United States.

The U.S. government said it will appear in Brooklyn federal court to discuss a resolution of charges against Meng, according to a Friday court filing.

Meng was arrested at Vancouver International Airport in December 2018 on a U.S. warrant, and was indicted on bank and wire fraud charges for allegedly misleading HSBC (HSBA.L) about the telecommunications equipment giant's business dealings in Iran, a story reported first by Reuters in 2012.

Reuters also was first to report on Friday that the United States had reached a deferred prosecution agreement with Meng. The agreement pertains only to Meng and U.S. charges remain against the company, according to two other people familiar with the matter.

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Beyond solving a dispute between the United States and China, the agreement could also pave the way for the release of two Canadians, businessman Michael Spavor and former diplomat Michael Kovrig, who have been held in China since their arrest shortly after Meng was taken in custody in 2018. In August, a Chinese court sentenced Spavor to 11 years in prison for espionage. read more

A spokeswoman for Huawei declined to comment. A spokesman for the U.S. Attorney's office in Brooklyn declined to comment. An attorney for Meng could not be immediately reached for comment.

Meng, who has also used the English first names "Cathy" and "Sabrina," has said she is innocent and has been fighting extradition to the United States from Canada. She is confined to Vancouver and monitored 24/7 by private security that she pays for as part of her bail agreement.

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NCFA Jan 2018 resize - Huawei CFO, U.S. reach agreement to resolve bank fraud charges The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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