USA government bans American companies from selling components to ZTE
16 April, 2018, 19:22 | Author: Regina Silva
A senior department official tells Reuters, in no uncertain terms, that the company, "provided information back to us basically admitting that they had made these false statements".
Shares of other optical companies including Lumentum Holdings Inc fell 6.8 percent and Finisar Corp 3.7 percent. The seven-year ban has been placed on ZTE for violating the terms of a sanctions violation case, according to USA officials.
Trump on Monday accused China along with Russian Federation of devaluing their currencies, opening a new front in his argument that foreign governments are exploiting the U.S. We can't trust what they are telling us is truthful, and in global commerce, truth is pretty important.
ZTE didn't respond to calls seeking comment that were made after business hours in China.
A lawyer representing suppliers to ZTE said that this ban is "highly unusual" and that it will be "devastating to the company". "It's certainly going to make it very hard for them to produce and will have a potentially significant short and long-term negative impact on the company".
ZTE has sold handset devices to USA mobile carriers AT&T Inc T.N , T-Mobile US Inc TMUS.O and Sprint Corp S.N .
This is a regulatory action and is unrelated to any ongoing trade-related actions. You can find the Department of Commerce's announcement here.
"ZTE made false statements to the U.S. Government when they were originally caught and put on the Entity List, made false statements during the reprieve it was given, and made false statements again during its probation." said Secretary of Commerce Ross.
The U.S. government had allowed the company continued access to the U.S. market under the 2017 agreement.
From January 2010 to March 2016, the company shipped $32 million in U.S. cellular network equipment to Iran, and made 283 shipments of cell phones to North Korea, with the full knowledge of the highest levels of company management, officials said. Although Commerce Department officials would not discuss the report, they said the department followed up in February.
In March 2017, ZTE agreed to a combined civil and criminal penalty and forfeiture of $1.19 billion after illegally shipping telecommunications equipment to Iran and North Korea, making false statements, and obstructing justice including through preventing disclosure to and affirmatively misleading the U.S. Government.
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