Huawei disappointed by a Canadian court ruling against CFO meng Wanzhou’s bid to avoid extradition

Following a Canadian court ruling that the case of senior Huawei executive Meng Wanzhou, who is fighting extradition to the United States, can go forward, Huawei says it expects that Canada's judicial system will ultimately prove meng’s innocence.

Key statements

Disappointed by a Canadian court ruling against CFO meng Wanzhou’s bid to avoid extradition.

The BBC reported that "a judge found that the case meets the threshold of double criminality - meaning the charges would be crimes in both the US and Canada.

The US wants Ms Meng to stand trial on charges linked to the alleged violation of US sanctions against Iran.

Her case has created a rift between China and Canada.

Her lead defence lawyer, Richard Peck, has argued in court that Canada is effectively being asked 'to enforce US sanctions'.

But Associate Chief Justice Heather Holmes ruled Wednesday in British Columbia's Supreme Court in Vancouver that the crimes she is charged with in the US would also have been crimes in Canada in 2018.

'Ms Meng's approach ... would seriously limit Canada's ability to fulfil its international obligations in the extradition context for fraud and other economic crimes,' she added.

Market implications

Meanwhile, the China vs the world headlines continue to flow which hangs over financial markets like a guillotine. In earlier news, Secretary of State Mike Pompeo said in a statement Wednesday that he has certified to Congress that Hong Kong is no longer autonomous from China and does not warrant special treatment under US law.

More on all of this here: AUD/JPY: Bears getting set for potential major sell-off