Huawei Chairman Becomes Acting CFO

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Huawei has appointed Chairman Liang Hua as acting CFO after the arrest of Meng Wanzhou in Canada, according to a Reuters report that cited an internal memo to staff.

Meng now faces extradition to the US.

HSBC might also face trouble as the US has reportedly probed whether Huawei used the bank to conduct illegal transactions involving Iran.

HSBC could be accused of bank fraud if the Chinese company conducted transactions with organizations from US-sanctioned countries.

The bank is not under investigation, a Reuters report quotes an anonymous source as saying.