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Huawei CFO Meng Wanzhou released from custody on bail of $7.5 million

The release comes with a set of conditions, which include wearing a GPS tracking bracelet everyday.

  • Published: December 12, 2018 4:10 PM IST

Image Credit: Huawei

Last week, Canadian authorities arrested Huawei’s Chief Financial Officer Meng Wanzhou while she was switching flights in Vancouver, British Columbia. The arrest was made at the request of the United States of America, citing allegations that the CFO had helped Huawei find a way around US sanctions against Iran.

Now, Meng Wanzhou has been finally released from custody, after three days of court hearings and a bail of $7.5 million. The release of the 46-year old Huawei executive also comes with certain conditions.

According to CNN, the CFO has agreed to surrender her passports and live in one of the residences she owns in Vancouver. She will also have to pay for a 24×7 personal security guard and wear a GPS tracking bracelet. Furthermore, she must stay in her home between 11:00 PM and 06:00 AM every day. The executive will be facing extradition to the United States.

Interestingly, Meng Wanzhou is also the daughter of Ren Zhengfei, the founder and current CEO of Huawei.

The arrest of Huawei’s CFO in Canada had reportedly left Chinese officials baffled, and even disappointed. The company had issued a statement to Mobile Syrup shortly after the executive’s arrest.

“Recently, our corporate CFO, Ms. Meng Wanzhou, was provisionally detained by the Canadian Authorities on behalf of the United States of America, which seeks the extradition of Ms. Meng Wanzhou to face unspecified charges in the Eastern District of New York, when she was transferring flights in Canada.

The company has been provided very little information regarding the charges and is not aware of any wrongdoing by Ms. Meng. The company believes the Canadian and US legal systems will ultimately reach a just conclusion.

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Huawei complies with all applicable laws and regulations where it operates, including applicable export control and sanction laws and regulations of the UN, US and EU,” said Huawei.

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  • Published Date: December 12, 2018 4:10 PM IST