In a teahouse, meeting with an HSBC banker in 2013, with a PowerPoint presentation
09 May 2019 - 18:32Vancouver — The legal fate of Huawei Technologies’ CFO may hinge on a fateful meeting at a Hong Kong teahouse with an HSBC Holding banker in 2013.
The US allegations — that Meng tricked banks into processing Huawei transactions that potentially violated Iran sanctions — rest heavily on a PowerPoint presentation she gave at a meeting almost six years ago with an executive from “Financial Institution 1”, identified in earlier hearings as London-based HSBC.
The US alleges Skycom was Huawei’s de facto subsidiary in Iran and even employed an American there on behalf of Huawei in violation of US laws. A major pillar behind these assertions is the Chinese PowerPoint Meng presented that day and an English version she had delivered to the bank about a week later.
HSBC and its US subsidiary cleared more than $100m worth of transactions related to Skycom through the US between 2010 to 2014, according to the US filing. Meng faces multiple criminal charges in the US, including bank and wire fraud, money laundering and conspiring to obstruct justice, each of which carries a maximum sentence of 30 years in prison.Her lawyers hope it won’t get to that.
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