In 2013, a report by Reuters revealed that Huawei, through a subsidiary called Skycom, had been secretly doing business in Iran — a country subject to stringent international sanctions. While American companies are legally restricted from doing business with people and institutions in countries under United States sanctions, nothing stops Huawei from doing so. In August 2013, she gave a PowerPoint presentation to HSBC officials in which she denied that Huawei was connected to Skycom. Several of the bank’s risk-assessment committees relied on it to justify continuing to do business with Huawei. By 2014, the bank had unwittingly cleared more than $100 million in transactions with Skycom in Iran, according to federal prosecutors.

Source: New York Times December 14, 2018 20:37 UTC