FIRST AIRED: December 7, 2018

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00:00:00
>> US prosecutors want a top executive of Chinese tech giant Huawei to face charges of fraud linked to the skirting of Iran's sanctions, a Vancouver court heard on Friday. CFO Meng Wanzhou, who is also the daughter of the company's founder, was arrested on December 1st at the request of the United States.
00:00:18
According to evidence read in court on Friday, Meng faces charges of fraud in the US for allegedly misrepresenting Huawei's relationship with Hong Kong-based SkyComm. From 2009 to 2014, Huawei allegedly used SkyComm to transact business in Iran despite US and European Union bans. If extradited, Meng would face charges of conspiracy to defraud multiple financial institutions, the court heard, with a maximum sentence of 30 years for each charge.
00:00:48
News of Meng's arrest has roiled global stock markets on fears it could escalate a trade war between the US and China after a truce was agreed to last week between President Donald Trump and China's leader Xi Jinping. Two US officials told Reuters Thursday that Trump did not know about the arrest in advance.
00:01:06
A Chinese foreign ministry spokesman said on Friday that neither Canada nor the United States has provided China any evidence that Meng had broken any law in those two countries, and reiterated Beijing's demand that she be released.