United States companies banned from selling components to ZTE

Optical Stocks Under Pressure After US Bans Sales To ZTE

ZTE agreed in March of past year to plead guilty and pay as much as $1.2 billion for violating US laws restricting sale of American technology to Iran. After the US placed export restrictions on ZTE in 2016 for Iran sanctions violations, the China's Ministry of Commerce and Foreign Ministry criticized the decision.

The US Department of Commerce issued the export ban on Monday, alleging that ZTE lied to the Bureau of Industry and Security (BIS) about disciplinary actions supposedly enforced on senior employees relating to the illegal shipments. The DOC, however, contends that ZTE failed to significantly penalize those employees. You can find the Department of Commerce's announcement here.

A senior official told reporters the department suspended export privileges for ZTE, meaning it can no longer receive USA components to incorporate into their products "to prevent them from furthering their illegal activities".

"ZTE made false statements to the US Government when they were originally caught and.made false statements during the reprieve it was given, and made false statements again during its probation", Commerce Secretary Wilbur Ross said in a statement. ZTE paid almost $900 million in fines and fired multiple employees in accordance with the court.

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". "That was in response to the USA asking for the information".

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ZTE officials did not immediately respond to requests for comment. Despite the fact that it's a company based in China, ZTE was found to be selling technology from the U.S.to Iran through multiple shell companies.

A lawyer representing suppliers to ZTE said that this ban is "highly unusual" and that it will be "devastating to the company".

United States officials made this known on Monday banning American companies from selling components to the Chinese telecom equipment maker.

A five-year federal investigation found last year that ZTE had conspired to evade USA embargoes by buying US components, incorporating them into ZTE equipment and illegally shipping them to Iran.

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