US probes Huawei for Iran sanctions breach – report

Business | Politics 4/25/2018, 5:27 PM
US probes Huawei for Iran sanctions breach – report

Makers of optical products came under pressure in market trading on Wednesday as the Wall Street Journal reported, citing sources familiar with the matter, that Huawei Technologies Co. Ltd. is the target of a criminal investigation of the United States Department of Justice. The article signals authorities are suspecting the China-based maker of telecommunications equipment and mobile phones of violating sanctions imposed on Iran by the government in Washington.

The impact on suppliers reflects high trade tensions between the US and the most populous nation. Chip manufacturers also felt the blow in New York. The administration of President Donald Trump has also been expressing concern about China's rising significance in technology and the implications on national security. The article adds Huawei has been sent subpoenas from the departments of commerce and the Treasury, which would match media reports from more than one year ago.

ZTE Corp. was also targeted by punitive measures in the US related to sanctions against Iran. Earlier today, Huawei launched the sale of bonds worth €500 million.

Breaking the News / IT

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