China's ZTE sees heavy losses in H1 due to USA penalty

15 July, 2018, 22:16 | Author: Regina Silva
  • ZTE can once again do business with American companies

The ban lift will allow ZTE, China's second-largest telecommunications equipment maker, to resume business with USA companies.

Soon after, the U.S. had come up with a proposal that states that if China recruits compliance team hand-picked by the USA, pays a whopping penalty of $1 billion, deposits $400 million in the holding account for the violations of the laws in the future, and redesigns the board of management, the U.S. will reconsider the punishment.

"The department will remain vigilant as we closely monitor ZTE's actions to ensure compliance with all USA laws and regulations", Commerce Secretary Wilbur Ross said in a statement that described the terms of the deal as the strictest ever imposed in such a case.

USA officials said the company violated US sanctions against exporting to Iran and North Korea.

ZTE did not respond to requests for comment. BIS imposed this seven-year ban and other penalties against ZTE in April 2018 in response to its numerous violations of USA export controls and sanctions laws.

The company had paid bonuses rather than reprimanding employees involved in illegal activity and created an "elaborate scheme" to deceive U.S. officials and obstruct justice, USA officials said. ZTE pleaded guilty a year ago over the sanctions violations.

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The $400 million will stay in an escrow account for as long as 10 years to provide the USA government access to the money if ZTE violates the latest settlement.

The $1 billion penalty was sent to the U.S. Treasury last month.

The $400 million will remain in escrow for as long as 10 years to provide the United States government access to the money if ZTE violates the June settlement.

The sanctions influenced ZTE's decision recently to cease operations, and eliminate its entire board and appoint a new chairman. The current ban could have lasted seven years.

The United States has formally lifted a crippling ban on exports to China's ZTE, rescuing the smartphone maker from the brink of collapse after it was denied key components. Its fate is unclear.

Republican Senators Marco Rubio, Tom Cotton and Roy Blunt and Democrats Chris Van Hollen, Mark Warner and Bill Nelson told leaders of the armed services committees of both the Senate and the House of Representatives that they strongly oppose the Commerce Department's deal with ZTE.


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