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Huawei CFO arrested in Canada for violating US sanctions on Iran WASHINGTON: Canada has arrested Huawei's global chief financial officer in Vancouver, where she is facing extradition to the United States on suspicion she violated US sanctions against Iran, the Globe and Mail newspaper reported on Wednesday (Dec 6). Meng Wanzhou, who is one of the vice chairs on the Chinese technology company's board and the daughter of company founder Ren Zhengfei, was arrested on Dec 1 and a court hearing has been set for Friday, a Canadian Justice Department spokesman said, according to the Globe and Mail. Representatives of Huawei, one of the world's largest makers of telecommunications network equipment, could not immediately be reached for comment by Reuters. Officials for the Canadian and US Justice Departments did not immediately respond to a request for comment. US authorities have been probing Huawei since at least 2016 for allegedly shipping US-origin products to Iran and other countries in violation of US export and sanctions laws, sources told Reuters in April. China protests arrest of Huawei CFO in Canada, urges release: Embassy OTTAWA: Beijing on Wednesday (Dec 6) protested the arrest in Canada of Chinese national Meng Wanzhou, the chief financial officer of global telecommunications giant Huawei, and urged her immediate release as she faces extradition to the United States. "At the request of the US side, the Canadian side arrested a Chinese citizen not violating any American or Canadian law," a statement from the Chinese embassy in Canada said. "The Chinese side firmly opposes and strongly protests over such kind of actions which seriously harmed the human rights of the victim. "The Chinese side has lodged stern representations with the US and Canadian side, and urged them to immediately correct the wrongdoing and restore the personal freedom of Ms Meng Wanzhou." The statement added the embassy was closely following developments in the case and would "take all measures to resolutely protect the legitimate rights and interests of Chinese citizens." Meng was arrested in Vancouver on Dec 1, according to Canadian authorities. Her detention comes after US authorities opened an investigation into suspected violations of Iran sanctions by Huawei, one of the world's largest telecommunications equipment and services providers.

3 gone in 3 years.............I know finance ppl have code of conduct........ something missing with the book???............. SMRT CFO resigns after eight months, last day Nov 9 SMRT Corp's group chief financial officer, Sam Ong Eng Keang, has resigned after eight months on the job and his last day will be Nov 9. The transport operator said in a release on Tuesday that Mr Ong, who joined SMRT on March 1, 2014, is leaving to "pursue philanthropic interests and business prospects". Pending the appointment of a new CFO to replace Mr Ong, the responsibilities of the CFO will be covered by Cindy Lau, its vice-president of group finance & shared services. Some analysts were surprised by Mr Ong's rather short stay. He joined SMRT from Singapore-listed waste water management firm Hyflux, where he was group senior executive vice-president and deputy CEO. SMRT said its CFO provides the overall leadership to the finance function of the group. The CFO is also expected to play a key role in developing, monitoring and evaluating overall corporate strategy with the chief executive officer and leaders of business units with emphasis on bottomline performance, working capital and enhancing shareholder value. "This position provides useful financial insights to help make better decisions about formulating and executing strategy. Major responsibilities include corporate governance, accounting, treasury, investments and financial reporting,'' SMRT said. An analyst said while the sudden departure of the CFO would be taken as a red flag for most companies, "we believe this should be an exception due to SMRT's history of strong corporate governance and majority ownership by Temasek". Furthermore, SMRT had just reported a stellar set of Q2 2015 results indicating a strong earnings recovery on the back of higher fares, lower costs and operating efficiencies. Net profit spiked up 75.5 per cent to S$25.3 million for the second quarter ended Sept 30 on improved performance in its train and bus operations, as well as higher profitability from its taxi, rental and advertising businesses. Revenue was 6.0 per cent higher at S$314.0 million compared to the same period a year ago. Looking ahead, SMRT said the fare business environment will continue to be challenging owing to heightened operational demands on service and capacity. http://www.businesstimes.com.sg/companies-markets/smrt-cfo-resigns-after-eight-months-last-day-nov-9