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Huawei’s heirs appear to be preparing for life after three years of Canadian court struggle by Reuters

© Reuters. File Photo: Meng Wanzhou, Chief Financial Officer of Huawei Technologies, will leave home to attend a court hearing in Vancouver, Canada, on August 10, 2021. REUTERS / JenniferGauthier / File Photo

By Moira Warburton and Sarah Berman

Vancouver (Reuters)-Huawei Chief Financial Officer Meng Wanzhou, trapped in a multi-million dollar home primarily in Vancouver after nearly three years of stalling in Canada, was scheduled to return to China on Friday. https: //www.reuters .com / technology / huawei-cfo-meng-appear-court-expected-reach-agreement-with-us-source-2021-09-24.

Like many of China’s top executives, Meng remains a mysterious person. Huawei Technologies’ 49-year-old CFO was widely advised one day to take command of a tech giant founded by his father.

Meng, who appeared to be blocking these expectations, was detained in a US warrant at Vancouver International Airport in December 2018 and banked for misleading HSBC Holdings (NYSE :) about Huawei’s commerce in Iran. I was charged with fraud.

After Meng reached an agreement with a US prosecutor to settle the case on Friday, a Canadian judge abandoned her hand-over hearing.

The Government of Canada then issued a statement confirming that she was free to leave the country. She was scheduled to fly to China later Friday, according to sources familiar with the matter.

“For the past three years, my life has been upset. It was a devastating time for me as a mother and wife,” Meng said after the hearing, reporters and supporters on the steps outside the Vancouver court. Told to.

“But I think every cloud has a silver lining. It was a really valuable experience in my life. I will never forget all the good wishes I received from people all over the world,” she says. I did.

Meng, who normally remained expressionless in public since his arrest, left home on Friday morning to attend a de facto court hearing between Vancouver and Brooklyn, New York. She laughed out loud.

Meng’s detention, which took his family’s name from his mother and also used the English first names “Cathy” and “Sabrina,” spotlighted Huawei during growing global concerns about technical security.

In dozens of court appearances, her lawyer described her as an innocent bystander involved in the trade war between the United States and China.

Immediately after her arrest, China detained two Canadians, sentenced one to 11 years in prison this month, and the Canadians were attacked in retaliation. Beijing has denied a link between the arrest and Meng’s case.

Meng was under house arrest in Vancouver. Under her bail conditions, she was allowed to roam the city during the day and return to her home in Shawnessy, a luxury district of the Pacific coastal city at night. She was monitored 24 hours a day, 7 days a week by private security guards paid as part of her bail contract.

Her husband, Liu Xiaozong, and the son and daughter they spent with, were able to visit her during the pandemic. She spent her time painting, reading and working, according to an open letter to Huawei employees on the first anniversary of her arrest.

According to the Huawei website, Meng joined the company in 1993, earned a master’s degree from Huazhong University of Science and Technology in 1998, and has risen in rank for many years, primarily in financial roles.

According to the website, she has been Director of International Accounting, CFO of Huawei Hong Kong, and President of Accounting Management.

In her first media appearance before the Chinese press in 2013, Meng said she was the first to join the company as a secretary “whose job was just to pick up the phone.”

In 2011 she was first appointed to the board. Company insiders describe her as competent and diligent.

Her brother Meng Ping, and her father’s younger brother and his current wife, all work for Huawei and its affiliates, but no one has held such senior management.

Meng is widely regarded by Huawei insiders as the successor to the company’s founder, Ren Zhengfei. Len (76) founded a Chinese telecommunications company in 1988 to keep it mostly unobtrusive.

Many of Huawei’s scrutiny stems from Ren’s career in the People’s Liberation Army (PLA) in China. After helping build a communications network, he worked as a private engineer for nearly a decade before his departure in 1983.

Some governments, especially US officials, have expressed concern that his company is close to the Chinese military and government. Huawei has repeatedly argued that Beijing has no effect on it.

At the time Meng was arrested, Huawei’s revenue was evenly distributed between domestic and international revenue, half of which came from the supply of equipment to carriers around the world.

But since then, Western nations have moved away from China’s tech giants. In 2019, Huawei was blacklisted for export by then-US President Donald Trump, banned access to key technologies of US origin, and affected the ability of external vendors to design their own chips and source components. rice field.

The ban put Huawei’s mobile phone business under great pressure, and in November 2020 the company sold its budget smartphone unit to a consortium of distributors and dealers to keep it alive.

According to the 2020 annual report, the company’s consumer revenue now accounts for more than half of its business, with 66% of its revenue coming from China.



Huawei’s heirs appear to be preparing for life after three years of Canadian court struggle by Reuters

https://www.investing.com/news/stock-market-news/huawei-heir-apparent-prepares-for-life-after-three-years-of-canada-court-battle-2626248 Huawei’s heirs appear to be preparing for life after three years of Canadian court struggle by Reuters

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