U.S. Markets closed
  • S&P 500

    4,410.13
    +12.19 (+0.28%)
     
  • Dow 30

    34,364.50
    +99.10 (+0.29%)
     
  • Nasdaq

    13,855.13
    +86.23 (+0.63%)
     
  • Russell 2000

    1,987.92
    -36.12 (-1.78%)
     
  • Crude Oil

    0 (0)
     
  • Gold

    1,836.10
    -6.50 (-0.35%)
     
  • Silver

    24.34
    -0.37 (-1.50%)
     
  • EUR/USD

    1.1348
    +0.0031 (+0.2724%)
     
  • 10-Yr Bond

    1.7350
    -0.0120 (-0.69%)
     
  • Vix

    28.85
    +3.26 (+12.74%)
     
  • GBP/USD

    1.3555
    -0.0045 (-0.3321%)
     
  • USD/JPY

    113.6500
    -0.4500 (-0.3944%)
     
  • BTC-USD

    36,595.35
    +578.52 (+1.61%)
     
  • CMC Crypto 200

    839.82
    +29.21 (+3.60%)
     
  • FTSE 100

    7,494.13
    -90.88 (-1.20%)
     
  • Nikkei 225

    27,522.26
    -250.64 (-0.90%)
     

Huawei CFO Extradition Hearings Begin In Canada

Huawei CFO extradition trial has started in Canada, Nikkei Asian Review reports.

What Happened

The extradition hearing started on Monday in a court in Vancouver, British Columbia. The court will decide whether Meng Wanzhou, Huawei chief financial officer who is accused of bank fraud and sanctions violations, should be extradited to the U.S.

The court will determine if the case meets the “double criminality” requirement for extradition, which means the criminal charges brought against Meng by the United States should also be considered a crime in Canada.

The Chinese telecom giant Huawei rejected the U.S. allegations and stood behind Meng, who is also the daughter of Huawei founder Ren Zhengfei.

"We trust in Canada's judicial system, which will prove Ms. Meng's innocence," the company said in a statement on Monday.

Why It Matters

The extradition hearings come more than a year after Meng was arrested in Canada in December 2018 for allegedly committing bank fraud linked to a violation of U.S. sanctions against Iran.

The arrest angered China and soured its relations with both Canada and the U.S. Not long after the arrest, China detained two Canadians on charges of spying.

Huawei denied the U.S. allegations against Meng, and the Chinese government demanded the release of Meng. Later, Meng was released on bail but kept under house arrest in Vancouver.

0

See more from Benzinga

© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.