Canadian Court Approves Bail for Huawei CFO Meng Wanzhou

A judge in Canada on Tuesday, December 20, agreed to release Meng Wanzhou, the Chief Financial Officer of Huawei, on bail. Meng, 46, who is the daughter of the company's founder, was arrested ten days ago at the request of U.S. authorities on charges of circumventing sanctions against Iran in Vancouver, Canada. The U.S. is seeking to prosecute Ms. Meng in the United States. According to Reuters, William Ehrcke, a judge in Vancouver, British Columbia, approved her release on bail set at $7.5 million. Ms. Meng must remain in Canada until her court date on February 6, 2019, and will be under constant surveillance. Huawei, a manufacturer of smartphones and communication network equipment, stated in a release that it expects the matter to be resolved soon, expressing confidence that the judicial systems of Canada and the U.S. will reach a fair outcome. China had previously warned Canada that failing to release Ms. Meng immediately would have 'severe consequences' for the country. On Tuesday, a former Canadian diplomat in China was arrested, and the Canadian government announced that this was related to the arrest of Huawei's CFO. Two sources informed Reuters that the detained individual is named Michael Kovrig. Meng Wanzhou's arrest has raised concerns about escalating trade tensions between China and the U.S. Meanwhile, U.S. President Donald Trump stated on Tuesday that if the issue of Huawei's CFO's arrest worsens relations between Washington and Beijing, he might intervene to resolve the matter, asserting that he would act if it benefits the country.