Matthew Whitaker, the acting attorney general, said grand juries in Seattle and NY had indicted Huawei, its affiliates and its chief financial officer on 23 criminal charges.
The Justice Department said it would announce charges at a news conference at 4:30 p.m.in a "China-related law enforcement action". Watch live in the player above. The company's US branch is also accused of stealing trade secrets and equipment from cellphone provider T-Mobile USA.
After being nabbed in Vancouver, Canada, Meng posted a huge bail and awaits extradition to the U.S. Her next court appearance in Canada is scheduled for February 6th.
Meng, Huawei's CFO, is charged with bank fraud, wire fraud and conspiracies to commit bank and wire fraud.
They claimed that Huawei had sold its stake in Skycom - a sale the US alleges was "orchestrated.to appear as an arm's-length transaction between two unrelated parties, when in fact Huawei actually controlled the company that purchased Skycom".
Huawei has been working to displace Samsung as the biggest smartphone maker in the world, while at the same time the U.S. has been aggressively working to convince allies to ban use of Huawei technology over fears that the company's close ties to China's central government mean the company's devices could be used to spy on consumers.
This story is developing and will be updated.
Whitaker said the criminal offending at Huawei went "all the way to the top of the company". At issue are allegations that Chinese companies are stealing intellectual property from USA tech companies.
Wanzhou Meng remains in Canada after being released by police, but it seems likely she will be extradited to the US. Huawei has said that the two companies settled their disputes in 2017. Huawei and Huawei USA are also charged with conspiracy to obstruct justice related to the grand jury investigation.
Bad Timing for U.S.
Canada arrested Meng at the request of the United States. US President Donald Trump said he would get involved in the Huawei case if it would help produce a trade agreement with China and told Reuters in an interview in December that he would "intervene if I thought it was necessary".
"Those two things are not linked; they're a totally separate process", Sanders said.
The 23 charges filed on Monday threatened to escalate tensions between Washington and Beijing just 48 hours before senior Chinese officials were due to fly to the White House for a new round of trade talks.