Huawei Investigation Suggests Bank Fraud Involving HSBC
Reuters today reports that the U.S. investigation into Huawei's potential violation of sanctions involves "an alleged scheme to use the global banking system to evade U.S. sanctions against Iran." The U.S. has been looking into Huawei's behavior since 2016, and recently focused on the company's use of HSBC to hide transactions made with Iran. HSBC was itself investigated by the U.S. Attorney's office in Brooklyn for violating sanctions and money-laundering laws, and paid a fine of $1.92 billion in 2012. Reuters' source says HSBC is not under investigation at this time. The U.S. took dramatic action on its investigation when it had Huawei CFO Meng Wanzhou arrested in Canada. Meng is expected to be extradited to the U.S. The U.S. has maintained for some time that Huawei represents a security threat due to its ties with the Chinese government. Representatives from Huawei and HSBC declined to comment on Reuters' story. Earlier this year, China-based ZTE was penalized by the government for similar transgressions involving Iran.
Jan 28, 2019
The US government is pursuing a criminal case against Huawei for stealing the design for — as well as actual parts and software from — a unique phone-testing robot developed by T-Mobile USA. The gov't alleges that Huawei offered bonuses for employees to steal such trade secrets, and obstructed justice in a related civil case.
Dec 31, 2018
President Donald Trump is weighing new action against Chinese telecommunications equipment makers Huawei and ZTE, says Reuters. The President might issue an executive order that would bar U.S.
Dec 5, 2018
The Wall Street Journal reports that Canadian authorities have arrested the CFO of Huawei — who is also the founder's daughter — at the request of U.S. authorities.
Dec 14, 2018
T-Mobile and Sprint expect their proposed merger will be given the green light by government security officials as soon as next week, according to a report from Reuters. The Committee on Foreign Investment in the United States (CFIUS) has been reviewing the merger for potential security issues.