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Huawei CFO Freed On $10M Bail, Must Remain in Canada

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Dec 12, 2018, 8:14 AM   by Eric M. Zeman

Canada has released Meng Wanzhou, Huawei's CFO, after her lawyers convinced a judge to grant bail. Meng was arrested in Vancouver on December 1 at the behest of the U.S. Department of Justice. The U.S. alleges Meng has defrauded multinational banks concerning equipment sales to Iran, in violation of U.S. sanctions. Meng had to pay $10 million, turn in her passport, and agree to wear an ankle monitor in order to secure bail. She is also confined to her home during the overnight hours. While on bail, a Canadian judge will review the U.S. case against Meng to determine if it is strong enough to warrant extradition. If the case passes this examination, Canada's minister of justice would then have to agree with the extradition request before she could be handed to U.S. authorities. Meng is facing penalties of up to 30 years per charge. The arrest has further strained the tenuous relationship between China and the U.S. Later, President Trump said he might intervene in the case in order to ensure national security interests are upheld or to facilitate a trade agreement with China.

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