US prosecutors overlooked violations of US sanctions against Iran by HSBC in exchange for cooperation with an investigation into Huawei, lawyers for the Chinese firm said. "The government agreed to overlook HSBC's continued misconduct," Huawei's lawyers wrote in a letter seen by Reuters.

Meanwhile in exchange "HSBC agreed to cooperate with the government's efforts to depict Huawei as the mastermind of HSBC's sanctions violations," they wrote.

(c) 2020 City A.M., source Newspaper