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Companies are barred from using the U.S. financial system to funnel goods and services to sanctioned entities. If the mobile phone and telecoms equipment maker conducted such transactions and then misled HSBC about their true nature, it could be guilty of bank fraud, experts say. Huawei declined to comment, but said in a statement after the arrest that it complies with all applicable export control and sanctions laws and other regulations. An HSBC spokesperson declined to comment. HSBC is not under investigation, according to a person familiar with the matter.

A spokesman for the U.S, attorney’s office in Brooklyn, which Reuters has reported is the office investigating Huawei, also declined to comment, In 2012, HSBC paid $1.92 billion and entered a deferred prosecution agreement with the same U.S, gunmetal gear shifter cufflinks prosecutor’s office for violating U.S, sanctions and money-laundering laws, As part of that deal, HSBC was required to be monitored for five years to review its efforts to prevent money laundering and sanctions violations, HSBC’s U.S.-listed shares fell as much as 6 percent on Thursday after Reuters reported the bank’s link to the Huawei case, They ended down 3.6 percent..

Huawei CFO Meng Wanzhou, daughter of Huawei’s founder, Ren Zhengfei, was arrested in Canada on Dec. 1. She will appear in court on Friday and faces extradition to the United States. The news broke on Wednesday, roiling global stock markets over fears the move could escalate the Sino-U.S. trade dispute. Huawei said it has been provided little information of the charges and that it was “not aware of any wrongdoing by Ms. Meng.”. The probe of Huawei is similar to one that threatened the survival of China’s ZTE Corp, which pleaded guilty in 2017 to violating U.S. laws that restrict the sale of American-made technology to Iran. ZTE paid a $892 million penalty.

Earlier this year, the United States said ZTE made false statements about disciplining some executives responsible for the violations and banned U.S, firms from selling parts and software to the company, After ceasing gunmetal gear shifter cufflinks major operations as a result, ZTE paid another $1 billion as part of a deal to get the ban lifted, In an incident similar to Meng’s case, ZTE’s chief financial officer was stopped at Boston’s Logan Airport during the U.S, investigation of that company, according to sources familiar with the case, U.S, authorities seized a laptop that contained a “treasure trove” of evidence of ZTE’s illegal business in Iran, one of the sources said..

In 2016, the Commerce Department made documents public that showed ZTE’s misconduct and also revealed how a second company, identified only as F7, had successfully evaded U.S. export controls. In a 2016 letter to the Commerce Department, 10 U.S. lawmakers said F7 was believed to be Huawei, citing media reports. In April 2017, lawmakers sent another letter to Commerce Secretary Wilbur Ross asking for F7 to be publicly identified and fully investigated. U.S. authorities also subpoenaed Huawei in 2016 seeking information related to possible export and sanctions violations, sources have said.

(Reuters) - The arrest in Canada of Meng Wanzhou, a top executive at China’s Huawei Technologies Co Ltd and daughter of the founder and CEO, jolted the global business community on Thursday and raised fears that a truce in the U.S.-China trade war could come to a swift end, Meng’s arrest came at the behest of U.S, authorities and is connected to an gunmetal gear shifter cufflinks investigation into alleged violations of U.S, trade sanctions, a person familiar with the matter told Reuters, China’s foreign ministry said neither the United States nor Canada have explained reasons for the arrest..

What is Huawei?. Huawei is the world’s largest supplier of telecommunications network equipment and second-biggest maker of smartphones, with revenue of about $92 billion last year. Unlike other big Chinese technology firms, it does much of its business overseas and is a market leader in many countries across Europe, Asia and Africa. The company was founded in 1987 by former military officer Ren Zhengfei. It remains privately held and describes itself as employee-owned, though its ownership structure is unknown. It is based in the southern Chinese tech hub of Shenzhen and employs about 180,000 people.

How did the company become so successful?, Huawei was a pioneering supplier of telecom gear at a time when China was spending heavily to upgrade its networks, importing much of its equipment, Huawei began competing internationally in the 1990s and was known for drastically undercutting rivals on price, Competitors branded Huawei a cut-rate vendor of copycat equipment, and companies including Cisco Systems and Motorola filed lawsuits over alleged trade secret theft, But Huawei spent heavily on research gunmetal gear shifter cufflinks and development and is now regarded as a global leader in key telecom network technologies and high-end smartphones, In contrast, its major Western rivals, Nokia and Ericsson, have struggled financially in recent years..

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