The indictment accuses Huawei and its chief financial officer, Meng Wanzhou, of conspiring to defraud HSBC and other banks by misrepresenting Huawei’s relationship with Skycom Tech Co Ltd, a suspected front company that operated in Iran.
Huawei’s lawyers say that, after HSBC obtained the deferred prosecution agreement, the bank continued to process Iran transactions through its New York branch and concealed the conduct from a court-appointed monitor. It also failed as late as 2017 to implement compliance measures it had promised in order to secure the agreement.
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