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US Charges China’s Huawei With Bank Fraud, Stealing Trade Secrets

The Justice Department unsealed criminal charges Monday against Chinese tech giant Huawei, two of its subsidiaries and a top executive, who are accused of misleading banks about the company’s business and violating U.S. sanctions.

The company is also charged in a separate case with stealing trade secrets from T-Mobile, according to federal prosecutors.

Prosecutors are seeking to extradite the company’s chief financial officer, Meng Wanzhou, and allege she committed fraud by misleading banks about Huawei’s business dealings in Iran. She was arrested on Dec. 1 in Canada.

U.S. prosecutors charge that Huawei used a Hong Kong shell company to sell equipment in Iran in violation of U.S. sanctions. Huawei had done business in Iran through a Hong Kong company called Skycom and alleged that Meng mislead U.S. banks into believing the two companies were separate, according to the Justice Department.

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