Trudeau says he had advance notice of Huawei executive's arrest

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The main index in Hong Kong fell about 2.5% and Tokyo stocks closed down 1.9% on Thursday after Canada said Huawei's chief financial officer, Meng Wanzhou, had been arrested in Vancouver and is being sought for extradition by the United States government.

Chinese foreign-ministry spokesman Geng Shuang told reporters Thursday that his government wants Canadian officials to reveal their reasoning.

Geng told reporters on Thursday that neither Canada or the USA had so far responded to China's concerns, reports the Associated Press.

China's embassy in Canada said it resolutely opposed the arrest and called for Meng's immediate release.

A clerk at the B.C. Supreme Court says Meng appeared in court Wednesday and a bail hearing is scheduled for Friday.

HSBC was dragged into the American investigation into Huawei last night after it emerged that a Chinese telecoms executive was arrested as part of inquiries into an alleged scheme to use the banking system to evade United States sanctions against Iran.

US authorities have been probing Huawei, one of the world's largest makers of telecommunications network equipment, since at least 2016 over allegations that it shipped USA -derived tech products to Iran and other countries in violation of USA export and sanctions laws, sources told Reuters in April.

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She also said she was married with a son and a daughter and that her husband did not work in the industry, dismissing speculation she was married to a senior Huawei executive. Huawei has been banned from helping build fundamental communications infrastructure in some western countries, including 5G telecom service, over fears that it leaves those countries vulnerable to espionage on behalf of the Chinese government.

Houlden said he thinks the U.S.is more likely to be a target. "The company believes the Canadian and US legal systems will ultimately reach a just conclusion", the statement continued.

A U.S. Justice Department spokesman declined to comment.

Earlier this year the Australian Government banned Huawei from taking part in the rollout of 5G mobile infrastructure over national security concerns.

China said that Meng - the daughter of Huawei founder Ren Zhengfei, a former engineer in China's People's Liberation Army - had violated no laws in either Canada or the United States.

Meng's arrest and detention have only amplified the already-tense state of U.S.

State-run China Daily said the arrest of Huawei's chief financial officer appeared to be part of USA efforts to contain the company, which is the world's largest telecoms equipment provider, as well as its second-largest mobile phone maker.

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But news of Ms Meng's detention spooked sentiment on Thursday - leaving European and USA markets on course for steep falls at the open. But the timing of the arrest tangles the issues as it came just as Presidents Trump and Xi reached a temporary trade war truce.

Huawei also said in a statement that it was compliant with "all applicable laws and regulations where it operates". And earlier this year, the heads of six major USA intelligence agencies (including the Federal Bureau of Investigation and the CIA) warned citizens not to use their products and services.

The two sides had agreed to meet and resolve their differences within 90 days, but Meng's arrest has thrown this into doubt, bringing back the spectre of huge tariffs and the global economic damage they would cause.

Despite that, her arrest is unlikely to derail trade talks, said Willy Lam, a politics specialist at the Chinese University of Hong Kong.

Asked about the potential for ties with Beijing to sour, a Canadian government official said the two countries had a sophisticated relationship.

Huawei, China's largest maker of smartphones and telecommunications equipment, has been swept up in concerns that products made by Chinese technology companies are avenues for surveillance by the country's intelligence agencies.

Huawei's biggest Chinese rival, ZTE Corp., was almost driven out of business this year when Washington barred it from buying USA technology over exports to North Korea and Iran.

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