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Huawei CFO Granted $7.5 Million Bail by Vancouver judge

Vancouver, Dec 12 (IECurrentAffairs) A senior executive of a multinational Chinese telecommunications company was granted bail by a judge in Vancouver Tuesday.

Huawei Technologies Co. Chief Financial Officer Meng Wanzhou was granted bail by a Canadian court, allowing the executive to stay in her Vancouver home as she awaits a possible extradition to the US over fraud charges, reports Bloomberg.

Justice William Ehrcke of the British Columbia Supreme Court agreed to release Meng after four former colleagues and friends joined her husband in pledging a combined C$10 million ($7.5 million) in cash and home equity to support her bail request. By agreeing to act as “sureties,” the five people commit to ensuring she doesn’t flee and abides by other bail terms. Meng, 46, will be subject to surveillance at her Vancouver home by a combination of security guards and technology as part of the agreement, and surrendered her Chinese and Hong Kong passports.

Ehrcke said he is satisfied the conditions of the bail reduce the risk that Meng will flee the country before the extradition proceedings.

Meng was arrested Dec. 1 at the request of U.S. authorities as she changed planes in Vancouver on her way to Mexico. The mother of four is accused of conspiring to defraud banks to unwittingly clear transactions linked to Iran, in violation of U.S. sanctions. The U.S. has 60 days from the arrest date to turn over its full extradition case with supporting evidence.

Meng’s arrest at Vancouver International Airport earlier this month has already had international implications. On Tuesday, CTV News learned the federal government is considering increasing the risk level for Canadian travellers to China.

Over the weekend, China threatened Canada with “grave consequences” if Meng is not released, calling her detention “unreasonable, unconscionable and vile in nature.”

The country has not expanded on what the repercussions could be. Following the threat, the Chinese leg of a provincial forestry trade trip through Asia was cancelled as a precaution.

Source
Via UNI-India
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