EXCLUSIVE: How HSBC internal investigation helped lead to U.S. charges against Huawei via karen_freifeld stecklow
NEW YORK/LONDON - An internal investigation by HSBC Holdings PLC into Huawei Technologies’ connections to a suspected front company in Iran found that the Chinese telecommunications equipment maker maintained close financial ties to the firm years after purportedly selling the unit, documents reviewed by Reuters show.
The bank’s findings, which have not been made public, were given in a series of presentations in 2017 to the DOJ. The department used them to help bring its current criminal case against Huawei’s chief financial officer, Meng Wanzhou. He added, “The U.S. Department of Justice has confirmed that HSBC is not under investigation in this case.”Meng, the daughter of Huawei’s founder, was arrested in Vancouver in December. She remains free on bail while the U.S. government tries to have her extradited to face bank and wire fraud charges. The case comes at a time of heightened trade tensions between Washington and Beijing, and amid concerns by the United States that Huawei’s equipment could be used for Chinese espionage.
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