Huawei chief financial officer faces Iran fraud charges amid escalating US-China trade war

The chief financial officer of Chinese telecommuications giant Huawei Technologies Co Ltd is facing accusations that she hid her firm's connections to Hong Kong-based Skycom Tech Co Ltd - a company that attempted to violate US sanctions by selling equipment to Iran, a Canadian prosecutor said on Friday.

The prosecutor argued that Meng Wanzhou, who is also the daughter of Huawei's founder, should not be granted bail while awaiting extradition to the United States. 

Meng, 46, faces charges of conspiracy to defraud multiple financial institutions if extradited to the US, with each charge carrying a maximum sentence of 30 years.

The prosecutor argued against bail for Meng, saying that even a multi-million dollar surety would not weigh heavily against her family's wealth.

Meng's lawyer, however, said that her high-profile would ensure that she would not jump bail.

"You can trust her," lawyer David Martin he said. He added that breaching bail terms "would humiliate and embarrass her father, whom she loves".

Friday's court hearing on whether Meng should be granted bail was adjourned until Monday 10am Pacific Time (6pm GMT).

Meng was arrested in Canada on 1 December at the request of the US, on the same day that President Donald Trump met with China's Xi Jinping to discuss Washington and Beijing's escalating trade war. 

Washington has 60 days to file a formal extradition request, however the final decision on extradition will lie with Canada's justice minister.