Huawei pledges $2 billion to address UK security fears

Huawei is expected to spend $2 billion on security issues flagged by the UK government earlier this year. The news was revealed by sources with knowledge on the matter and comes amid countries banning the use of Huawei tech for mobile networks, the most recent of which being Japan. In July, the UK spy agency, GCHQ, found that technical and supply-chain issues were able to put telecom networks at risk.

The sources who spoke to Reuters on condition of anonymity confirmed that the pledge to spend $2 billion fixing the security issues came after Huawei met with UK officials. The source is quoted as saying “It’s about Huawei promising to build and manage its products better.”

Huawei has been taking a battering from the U.S. government recently after it was accused of violating sanctions against Iran. Just last month, New Zealand decided to block the use of Huawei’s network equipment, and the U.S. asked allies such as Germany, Italy, and Japan to stop using Huawei hardware. A bit closer to China, Australia also banned the use of Huawei tech for delivering 5G networks in the country.

Huawei’s Chief Financial Officer, Meng Wanzhou, was also arrested in Canada for her alleged involvement in the breaking of sanctions against Iran. This worried stock markets around the world who saw the move as an escalation in the trade war between the United States and China.

Source: Reuters

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