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Huawei, CFO Face Criminal Charges In The US

Huawei, CFO Face Criminal Charges In The US
Written by Vincent Wilmot

The justice department of US has formally filed a host of charges against Huawei and its CFO Meng Wanzhou. The criminal charges brought against Huawei which is the second large phone maker in the world include obstruction of justice, bank fraud and also theft of technology. This step could increase the ongoing tensions between China and USA and also have a long term impact on the fast growing firm’s efforts at expanding operations on global level. Though both Ms. Meng and Huawei have denied these allegations the Chinese telecom major is already feeling the heat as several nations in the west have declared a ban on using its equipment for upgrading their 5G networks.

While reading out the charges the US Commerce Secy. Wilbur Ross stated that Chinese firms have been breaking export laws of US for several years and some have used its financial systems to fund their illegal activities. This charge was made as Ms. Meng has been accused of evading US sanctions on Iran through a subsidiary of Huawei and had been arrested in Canada last month at the behest of USA but released later on bail with several preconditions.

Huawei has rejected all the claims stating that as the allegations were subjected of a settled civil suit. President Trump’s office has reinstated all sanctions on Iraq and included new ones which hit the nation’s shipping industry, oil exports and financial sector. US government has also accused Huawei of stealing technology from its telecom firm T Mobile that is used for checking durability of smartphones. In all around 23 charges have been brought against the company which it says shows the Chinese firm’s blatant disregard for US laws and standard practices for global business. Though Huawei has become the world’s largest telecom equipment suppliers and beat Apple to become biggest smartphone maker there is concern in Western nations that its equipment can be used by Chinese government for spying.

About the author

Vincent Wilmot

Vincent Wilmot has been working with us for 2 years and with his hard work and efforts has earned the position of Senior Content Writer in a short span. He handles the content and news reporting of Business world; right from the latest trends, to mergers & acquisitions, to news and much more. In spare time, Vincent likes to go play with the share market numbers along with enjoying trekking and hiking with his friends.

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