Canada Frees Huawei Executive Sabrina Meng

Five friends pledged equity in their homes and other money as a guarantee she will not flee.

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Meng Wanzhou at conference in Milan
Meng Wanzhou at conference in Milan" Stocked House Studio / Shutterstock.com

Sabrina Meng, Huawei chief financial officer, was granted bail by a Canadian court on Tuesday, according to Reuters.

The daughter of Huawei Founder, Ren Zhengfei, a 74-year-old former military engineer founded Huawei more than three decades ago, Meng was arrested last week.

The arrest of Meng is reportedly related to the violation of U.S. sanctions and she is facing extradition to the U.S.

The arrest of Huawei’s global chief financial officer in Canada will corrode trade negotiations between Washington and Beijing, risk consultancy Eurasia Group told CNBC on Thursday.

“Beijing is likely to react angrily to this latest arrest of a Chinese citizen in a third country for violating U.S. law,” Eurasia analysts wrote.

In a court hearing in Vancouver, British Columbia, Justice William Ehrcke granted C$10 million ($7.5 million) bail to Meng, who has been jailed since her arrest on Dec. 1, according to Reuters. The courtroom erupted in applause when the decision was announced. Meng cried and hugged her lawyers.

Among conditions of her bail, the 46-year-old executive must wear an ankle monitor and stay at home from 11 p.m. to 6 a.m.

Five friends pledged equity in their homes and other money as a guarantee she will not flee.

If a Canadian judge rules the case against Meng is strong enough, Canada’s justice minister must next decide whether to extradite her to the United States.

If so, Meng would face U.S. charges of conspiracy to defraud multiple financial institutions, with a maximum sentence of 30 years for each charge.

For more readCanada frees CFO of China’s Huawei on bail; Trump might intervene

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