Caixin
Caixin Global – Latest China News & Headlines

China News in Real Time - From Caixin Global

By Noelle Mateer / Dec 07, 2018 11:44 AM / World

Photo: VCG

Photo: VCG

Huawei’s CFO Meng Wanzhou was arrested Saturday in Canada as part of a U.S. investigation into an alleged scheme to evade American sanctions against Iran.

Reuters has now learned that the investigation looked into potential bank fraud involving HSBC, the news service reported Friday.

Citing “people familiar with the probe,” the investigation has attempted to determine whether Huawei used HSBC for its illegal transactions with Iran — something that could lead to bank-fraud charges.

The report says:

“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.”

Related: Arrested Huawei Executive Reportedly Linked to Firm That Once Tried to Sell U.S. Goods to Iran

 


Share this article
Open WeChat and scan the QR code
Copyright © 2017 Caixin Global Limited. All Rights Reserved.