Canada is Allowing the Extradition of Huawei CFO Meng Wanzhou

Wall Street has been paying close attention to the situation with Huawei’s CFO Meng Wanzhou in Canada.

Canada’s Department of Justice has said this week that it will allow the U.S. extradition of Wanzhou to proceed.

Ms. Wanzhou will appear in Canadian court for an extradition hearing on March 6 where evidence will be entered into the public record.

It was in December that Meng had been arrested in Vancouver, British Columbia over allegations that Huawei had defrauded several banks by concealing payments from Iran in violations of sanctions against that country.

“Canada is a country governed by the rule of law. Extradition in Canada is guided by the Extradition Act, international treaties and the Canadian Charter of Rights and Freedoms, which enshrines constitutional principles of fairness and due process,” the Canadian agency said in a statement.

“Today, Department of Justice Canada officials issued an Authority to Proceed, formally commencing an extradition process in the case of Ms. Meng Wanzhou.”

As a stipulation of her bail, Meng will remain under house arrest during the extradition proceedings and will continue to wear a GPS tracking device.

“We are disappointed that the Minister of Justice has decided to issue an Authority to Proceed in the face of the political nature of the U.S. charges and where the President of the United States has repeatedly stated that he would interfere in Ms. Meng’s case if he thought it would assist the U.S negotiations with China over a trade deal,” a spokesperson for Meng’s defense team told CNBC.

“Our client maintains that she is innocent of any wrongdoing and that the U.S. prosecution and extradition constitutes an abuse of the processes of law,” the defense spokesperson said.