China is furious and global markets are in an uproar as the daughter of one of the country’s richest men languishes in a Canadian jail

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  • China is furious, the markets are beside themselves, and after a pretty ordinary performance by her lawyers on the second day of a bail hearing, the daughter of one of China’s richest men is waiting in a Canadian jail for what might be a long time. Here’s the latest in the arrest of Huawei’s Meng “Sabrina” Wanzhou.
  • Meng, detained on December 1, while changing flights on her way to Mexico will have to wait until Tuesday to find out her immediate prospects of freedom.
  • The 46-year-old Meng, rumoured to be called “the Princess'” inside Huawei, has been accused of covering up Huawei’s violation of US sanctions against Iran for as many as five years.
  • Since the news of her arrest, global stock markets have fallen, China’s state-curated social media has erupted in indignation, and Chinese and US officials have scrambled to understand what it all means for a trade truce that looks more and more unlikely.
  • Huawei has appointed the company’s Chairman Liang Hua as acting CFO, to replace Meng.

While a Canadian Supreme Court heard bail arguments for second day, China is maintaining its official outrage at the arrest of Meng “Sabrina” Wanzhou, the daughter of Chinese telecom Huawei’s founder Ren Zhengfei.

At the second day of a bail hearing at British Columbia’s Supreme Court, Meng’s lawyers tried hard to secure Meng’s release, even arguing her flight was unlikely because it would cause China to lose national face.

See the rest of the story at Business Insider

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Post Author: martin

Martin is an enthusiastic programmer, a webdeveloper and a young entrepreneur. He is intereted into computers for a long time. In the age of 10 he has programmed his first website and since then he has been working on web technologies until now. He is the Founder and Editor-in-Chief of and Online Magazines. His colleagues appreciate him as a passionate workhorse, a fan of new technologies, an eternal optimist and a dreamer, but especially the soul of the team for whom he can do anything in the world.

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