US Banks Fully Aware Of Huawei’s Nature Of Business And Activities—Huawei CEO

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Under pressure from various quarters by United States government Chinese telecom equipment provider Huawei’s CEO Ren Zhengfei clarified to CNBC during an interview that the allegations against the firm about bank and wire fraud are baseless as banks working with the organization for financial transactions were completely aware of the nature of its business. Referring to the specific charges under which his daughter and company CFO Meng Wanzhou was arrested last year he stated that banks have full details of all transactions done by the company so the question of withholding information and committing fraud is not valid.

Ms. Meng has been charged with conspiracy to commit wire fraud and bank fraud by skirting sanctions of American Govt. against Iran. She has also be accused of lying to a consortium of banks including HSBC about Huawei’s relationship with an unofficial Iran based subsidiary called Skycom to get access to American banking services. Both father and daughter strongly deny any wrongdoing and stated that one of these bankers also was present in the meeting. Ren said that in view of the circumstances it is best to make all facts public and then use them in court.

The incident led to house arrest of Meng in Canada and has escalated tensions between both nations but Ren says his focus right now is on running the company for his employees. China had accused two Canadian citizens of espionage and has also detained several Canadian citizens after Meng was arrested in December. The US government is looking into financial transactions made by HSBC on behalf of Huawei which were allegedly illegal as they involved Iran. But Huawei has denied all allegations of fraud and violations and stated that have they not created any subsidiary to carry out deliberate violation of US laws that were stated in the indictment.

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