A politically sensitive personnel decision hangs at the head of the Chinese telecom giant Huawei. The daughter of the company’s founder, Huawei CFO Meng Wanzhou, who was once targeted by the US judiciary, will take over the group’s rotating presidency for the first time starting April 1. Insiders confirmed to the German news agency in Beijing that a succession plan for their 78-year-old father Ren Zhengfei should be started.
The 51-year-old’s rise to top management could increase massive political reservations in the US against Huawei. According to press reports, US President Joe Biden is currently considering tightening sanctions against the company. Huawei could therefore be completely denied access to semiconductors from major US suppliers such as Qualcomm or Intel. The US is concerned about security, which Huawei dismisses as unfounded.
Three years of house arrest
The daughter of the company’s legendary founder became a central figure in the conflict with the US when she was arrested in late 2018 at the request of the US judiciary on charges of bank fraud to evade Iran sanctions in Canada. Meng Wanzhou was under house arrest in Vancouver for three years and was fighting a legal battle against extradition to the United States.
China stepped up its pressure on Canada by arresting two Canadians suspected of spying in China. Diplomats spoke of “hostage”. In September 2021, after a deal with US prosecutors – in exchange for the release of the two Canadians – Meng Wanzhou was able to return to her homeland, where she was hailed as a heroine. The chapter was not closed until December 2022, when US prosecutors asked the New York court to close the case.
Source: Krone
I’m Ben Stock, a journalist and author at Today Times Live. I specialize in economic news and have been working in the news industry for over five years. My experience spans from local journalism to international business reporting. In my career I’ve had the opportunity to interview some of the world’s leading economists and financial experts, giving me an insight into global trends that is unique among journalists.
