An agreement struck on Friday could pave the way for Huawei Chief Financial Officer Meng Wanzhou to eventually leave Canada, where she's been holed up under 24/7 security awaiting the outcome of an extradition hearing to the U.S.
Meng reached a deferred prosecution agreement with U.S. prosecutors to end the bank fraud case against her after she admitted to misleading a bank about the company's business in Iran.
She attended the hearing at the U.S. federal courthouse in Brooklyn, New York, via a courtroom feed in Vancouver.
As part of a deferred prosecution deal, the agreement is in effect until Dec. 2022.
As long as she doesn't break the law, the charges will then be dropped.
In the meantime, Meng will be released on a personal recognizance bond, and the United States plans to withdraw its request to Canada for her extradition.
An attorney representing Meng, said he was "very pleased" with the agreement, adding "now, she will be free to return home to be with her family."
Meng, the daughter of the founder of Chinese telecom giant Hauwei, was arrested in 2018 at Vancouver International Airport and was indicted on bank and wire fraud charges.
She's been fighting extradition to the U.S. ever since.
Her arrest added to escalating tensions between the U.S. and China, and her release could ease some of the chill between the two economic powerhouses.
Hauwei has been on a U.S. ban list since 2019 - preventing it from selling its telecom gear to any U.S. interest, on national security and foreign policy concerns.
Friday's deal only pertains to Meng.
The Department of Justice said it continues to prepare for trial against Huawei, and looks forward to proving its case in court.
A spokeswoman for Huawei declined to comment.