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USA prosecutors want a top executive of Huawei to face charges of fraud linked to the skirting of Iran sanctions, a Vancouver court has heard.

Chinese Foreign ministry spokesman Geng Shuang said yesterday that neither Canada nor the United States had provided China any evidence that Meng had broken any law in those two countries, and reiterated Beijing's demand that she be released.

"Huawei used an unofficial subsidiary named Skycom to transact business in Iran for Iranian telecommunication companies", Crown attorney John Gibb-Carsley alleged in a Vancouver courtroom. In a presentation to one bank, Meng allegedly described her company's relationship with SkyCom as a "normal business operation" and claimed that although Huawei had divested itself of a stake in SkyCom.

The U.S. government has contacted allies and foreign telcom executives in a bid to persuade wireless and internet providers to avoid Huawei equipment for national security reasons. The case has been adjourned until Monday.

Meng was arrested in Vancouver on Saturday en route to Mexico from Hong Kong.

A Canadian government lawyer has asked the court to deny her bail request. That information was passed on to federal prosecutors in the Eastern District of NY, the Journal report said.

Ms Meng's arrest comes at a sensitive time for US-China relations. However the United States is less keen to see Canada deepen trade with China.

"China and the USA continue to have frosty relations and this has seen investors prefer to stay away than get involved in what has proven to be a volatile market for quite some time now", said Mihir Kapadia - CEO and Founder of Sun Global Investments.

"If the US makes an example of Huawei, the conservative nationalist forces in China and also the military will be very unhappy, and that will make it even more hard to make compromises with the United States", he said. Washington and Beijing are locked in a clash between the world's two largest economies for economic and political dominance for decades to come.

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Trump's shifting stance on the trade dispute also made signals confusing, Lau said. "It pulls in: Who is going to be the world leader essentially". Meng also served on Skycom's board between February 2008 and April 2009, according to Skycom records filed with Hong Kong's Companies Registry. "They had been warned, and finally we had to prosecute that", he said.

That doesn't mean that China is likely to forget about Meng Wanzhou's December 1 arrest when they next come face-to-face with Canadian officials, he added.

A spokesperson for the Department of Justice Canada told Daily Hive Meng is being sought for extradition by the United States. "This is the culmination of what is likely to be a fairly lengthy investigation".

His pessimistic forecast came a week after President Xi Jinping and his United States counterpart Donald Trump agreed to hold back from applying extra tariffs in January to pave the way for a trade deal.

Those findings led the U.S.to launch a movement called Five Eyes, made up of the United States, Canada, the U.K., New Zealand, and Australia to monitor the Huawei situation, with Japan and Germany following along at home. We know she is the daughter of Ren Zhengfei.

The U.S. charges that China is using predatory tactics in its drive to overtake America's dominance in technology and global economic leadership. "That was the case with other companies, and will continue to be the case".

The arrest also stroked fears of a potential backlash on American companies operating in China. "If the US does what it did to ZTE, there's very little China can do to prevent Huawei from collapsing, and that's not in China's interest".

"You can trust her", he said.

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