Huawei CFO, Meng Wanzhou has been released on bail in Canada. According to local reports, the Canadian court set bail at $10 million CAD ($7.5 million USD) pending extradition proceedings stemming from the US. The sureties put forward to secure the executive's release included a cash deposit of $7 million CAD with the additional $3 million surety that has reportedly been put forward in a joint effort that included an offer of $50,000 from Ms. Meng's neighbor, $1.35 million from coworkers, and $1.8 million from her husband's realtor. Further surety was put forward by Lions Gate Risk Management CEO Scot Filer, who will assist in overseeing Ms. Meng's monitoring.
Conditions of the release were also set above the standard procedures ensuring that the executive follows the rule of law while awaiting future court appearances. For example, Ms. Meng has been placed on a limited house arrest, including requirements to pay for and use an ankle bracelet monitoring system, surrender her passports, and remain indoors between 11 PM and 6 AM. Ms. Meng is also required to remain in a predetermined area of Richmond, North Shore, and Vancouver as set by Lions Gate. Initially, the defense in the case had argued that Liu Xiaozong should act as the primary surety in the case as the US has until January 8 to formally file an extradition request. However, Mr. Liu's visa in the country expires on February 6 and Ms. Meng is required to reappear before the court on that same date to set a future court date pending extradition to the US.
Background: Meng Wanzhou was detained by Canadian officials on December 1 following claims of fraud and other allegations related to US trade sanctions imposed against Iran. Details of that have not been completely divulged because of an initial publication ban instigated by Ms. Meng but the case is reported to have stemmed from allegations involving an illegal banking scheme and similar misconduct. The arrest has not been without consequence to the already strained relationship between Beijing and Washington either. The Chinese government has responded to the US Department of Justice request to detain the executive with threats of retaliation. The statements are currently thought to be mostly a formality based on previous actions from the Chinese government, bearing little the possibility of harsh recourse against the US. Beijing has denounced the actions of the US and Canada as baseless, and the Chinese media has lambasted the action, openly accusing the US of foul play and motivated by a desire to upend Huawei amid accusations that the telecom is spying for the Chinese government.
Impact: The sureties put forward in the case are intended to represent what would be a substantial loss if the executive attempts to flee the country to avoid the possibility of extradition. Although not impossible, it doesn't appear that is likely to happen regardless since Ms. Meng is required to turn over all passports and additional copies of passports in addition to her submission to close monitoring. A further stipulation of the release states that the CFO must allow both the monitoring company and police access to her property at any time and that she can be remanded to the custody of either enforcing agency at any time if deemed a flight risk.