Chinese bank helped Huawei move $1.3 billion amid US criminal charges
5 Articles
5 Articles
Chinese bank helped Huawei move $1.3 billion amid US criminal charges
The most revealing part of the Huawei story may not be what happened inside a courtroom in New York. It may be what happened one Saturday morning in London, thousands of miles away, when nine bankers were summoned to work before sunrise to move $1.3 billion belonging to a major Chinese technology company. The transaction […]
For several years, Huawei has been facing an unprecedented war from the US and has now launched one of the most significant court cases in the company’s history, in the US. The Chinese company is facing serious allegations of theft of trade secrets, violation of sanctions and use of the US financial system. The major trial, which has the […]
Read detailed coverage of the start of Huawei's long-awaited trial in the US, the accusations of industrial espionage, Skycom's involvement and the implications.
An investigation by the International Consortium of Investigative Journalists has revealed that the London branch of the Industrial and Commercial Bank of China (ICBC) assisted in an emergency transfer of $1.3 billion from Huawei to China in 2019. Violations of internal anti-money laundering regulations and sanctions policies have also been pointed out.
On the 14th, the International Consortium of Investigative Journalists released an investigative report revealing that the London branch of the Industrial and Commercial Bank of China, the world's largest bank by assets, disregarded internal anti-money laundering and sanctions regulations to assist Huawei in repatriating huge sums of money and carrying out political tasks.
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