Chief financial officer of China's Huawei arrested in Canada

US Stocks Dive Again Extending Losses

Meng "was arrested in Vancouver on December 1", a statement by Canada's ministry of justice said.

Wanzhou, the deputy chair at the company and the daughter of Huawei founder Ren Zhengfei, was arrested on 1 December in Vancouver at the request of USA authorities.

The Canadian Department of Justice said Meng Wanzhou, who also goes by the name Sabrina Meng, was collared by police in Vancouver over the weekend at the request of Uncle Sam, which hopes to haul her into a court in the States.

The U.S.is seeking Ms. Meng's extradition so as to have her appear in federal court in the Eastern District of NY, according to people familiar with the matter.

Huawei said it has received "very little information regarding the charges and is not aware of any wrongdoing by Ms. Meng". "The company believes the Canadian and U.S. legal systems will ultimately reach a just conclusion", it said.

The probe is reportedly being run out of the USA attorney's office in Brooklyn, the sources said.

China's Huawei-the world's largest supplier of wireless networking equipment-has played a starring role in the brewing trade war between the United States and China.

The aim of the Justice Department's investigation is to prevent companies, such as Huawei and ZTE Corp. that may be answerable to the Chinese Communist Party, from gaining access into the US economy amid allegations of spying on its citizens.

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She was arrested because she attempted to evade the trade embargo placed by the U.S. on Iran, The Globe and Mail reported, citing a Canadian source with knowledge of the arrest.

U.S. stock futures dropped sharply on the news, which has presented a new twist in sensitive trade negotiations between Washington and Beijing.

The Chinese embassy in Canada issued a statement opposing the arrest. And perhaps more importantly, USA officials have urged other countries to ban telecom companies from purchasing Huawei equipment.

Most recently, the U.K.'s BT said it plans to remove Huawei equipment from its core network.

Meng Wanzhou, who is the daughter of company founder Ren Zhengfei, has been detained in Vancouver in relation to suspected violations by Huawei of United States sanctions placed on Iran.

In 2011, the American government stopped Huawei from purchasing US server technology company 3Leaf's assets, for national security reasons.

Huawei, which sells telecommunications and computer electronics equipment, is the world's second largest maker of smartphones, behind South Korean giant Samsung. That probe became public in April, according to the Globe and Mail newspaper, which first reported the arrest on Wednesday.

Huawei's comments came in response to the FCC's notice of proposed rulemaking (NPRM) for Protecting Against National Security Threats to the Communications Supply Chain Through FCC Programs.

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