An internal investigation by HSBC into Huawei Technologies' connections to a suspected front company in Iran found that the Chinese telecommunications equipment maker maintained close financial ties to the firm years after purportedly selling the unit, documents reviewed by Reuters show.
An internal investigation by HSBC Holdings PLC into Huawei Technologies' connections to a suspected front company in Iran found that the Chinese telecommunications equipment maker maintained close financial ties to the firm years after purportedly selling the unit, documents reviewed by Reuters show.Meng Wanzhou, Executive Board Director of the Chinese technology giant Huawei, attends a session of the VTB Capital Investment Forum "Russia Calling!" in Moscow, Russia October 2, 2014.
She is accused of conspiring to defraud HSBC and other banks by misrepresenting Huawei's relationship with the suspected front company, Skycom Tech. Huawei has said Skycom was a local business partner in Iran, while the United States maintains it was an unofficial subsidiary used to conceal Huawei's Iran business. Huawei and Skycom are also defendants in the U.S. case, accused of bank and wire fraud, as well as violating U.S. sanctions on Iran.
The HSBC documents contain new financial details about Huawei's relationship with Skycom and the company that Huawei claims it sold Skycom to in 2007, Canicula Holdings. All three firms previously had bank accounts at HSBC, with the Skycom and Canicula accounts part of what the bank internally called the"Huawei Mastergroup."
After HSBC asked Huawei in 2013 to close the Skycom and Canicula accounts, Huawei employees assisted the bank. At Huawei's request, the remaining funds in the Skycom account were transferred to a Huawei bank account, according to the documents. HSBC had its own sanctions issues. In 2012, it paid $1.92 billion and entered into a five-year deferred prosecution agreement with the Justice Department for disregarding rules designed to prevent money laundering and processing transactions that violated sanctions.
The HSBC probe also uncovered financial transactions by Canicula that referenced Syria or involved a Syrian bank. Reuters reported last month that until 2017 Canicula operated in Syria, where it was connected to Huawei. Like Iran, Syria has been subject to U.S. sanctions.
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