China warns of "grave consequences" if Huawei executive is not released

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In this courtroom sketch, Meng Wanzhou, right, the chief financial officer of Huawei Technologies, sits beside a translator during a bail hearing at British Columbia Supreme Court in Vancouver on Friday.

China summoned the USA ambassador to Beijing on Sunday to protest Canada's detention of a senior executive of Chinese electronics giant Huawei at Washington's behest and demand the us cancel an order for her arrest.

China has jumped strongly to Huawei's defense after Meng was arrested by Canadian police at the request of the USA, which has accused her of fraud in connection with a bid to sell American goods to Iran.

If convicted, she could face more than 30 years in prison. This deception put the banks at risk of violating US sanctions and incurring severe penalties, according to court documents seen by Reuters.

Meng faces United States fraud charges related to alleged sanctions-breaking dealings with Iran.

The Canadian province of British Columbia said in a statement Sunday it canceled a trade mission to China because of Meng's detention. The arrest has alarmed global markets amid worries it could torpedo possible thawing of trade tensions between the United States and China.

Meng was arrested in Vancouver at the behest of U.S. authorities.

As CNBC noted, Meng is the daughter of the founder of Huawei, billionaire Ren Zhengfei.

After the arrest of Huawei chief financial officer Meng Wanzhou, Sen. Her bail hearing resumes in Vancouver on Monday.

Meng has also noted "longstanding ties to Vancouver" in her bail application, including her stint as a permanent resident, numerous property holdings in the city, and the fact that her children once attended school there. A judge had accepted Meng's request to bar both police and prosecutors from releasing information about the case prior to the hearing.

Chinese Tech Exec Faces 30 Years in Prison in U.S., Canadian Prosecutor Says
Huawei's Meng faces charges over alleged conspiracy to defraud banks

But there was no distinction between Skycom and Huawei, [Canadian prosecutors] said. The company has said it complies with all applicable export control and sanctions laws and other regulations.

Meng Wanzhou, the chief financial officer of the China-based Huawei Technologies, was arrested December 1 in Vancouver and is being sought for extradition to the USA on allegations of fraud.

"The actions of the USA seriously violated the lawful and legitimate rights of the Chinese citizen, and by their nature were extremely nasty", Le told Branstad.

China urges the United States to pay attention to China's solemn and just position, and withdraw the arrest warrant on Meng, Le added.

China will take further action based on USA actions, according to Le.

Vice Foreign Minister Le Yucheng summoned U.S. ambassador Terry Branstad one day after he called in Canadian envoy John McCallum to voice China's displeasure. There was no immediate reaction from Canada.

China on Monday cranked up its protests over the arrest of an executive of telecom giant Huawei on a USA warrant in Canada.

The U.S. alleges that Huawei, the world's second biggest smartphone manufacturer, used a Hong Kong shell company to sell equipment in Iran in violation of U.S. sanctions.

Canadian prosecutors have warned the court to deny bail to Meng, saying that she has ample reason to try to flee Canada to avoid extradition stateside. Ltd, which Huawei has described as one of its "major local partners" in Iran. It also says that Meng and Huawei misled American banks about its business dealings in Iran.

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