U.S. Strikes Deal to Help China's ZTE, Commerce Secretary Says

U.S. Strikes Deal to Help China's ZTE, Commerce Secretary Says

ZTE did not immediately respond to requests for comment today.

The fine comes on top of a roughly $1 billion penalty ZTE has already paid for having sold equipment to North Korea and Iran in violation of USA sanctions.

According to Reuters, the company has agreed to pay a total of $1.7 billion in penalties in a settlement with the Commerce Department.

In case you haven't been following along, ZTE previously agreed to certain conditions back in March 2017 after they were found to have ignored US sanctions and shipped products to both North Korea and Iran.

Reviving ZTE has been a personal focus for President Trump, whose government is in the middle of broader trade negotiations with the Chinese government. ZTE reached an agreement to turn over $1.19 billion and punish executives involved in the scheme, but in April the USA determined that the company hadn't lived up to its promises.

As part of this deal, ZTE will also have to replace its board within 30 days as well as accepting "unfettered site visits" from the United States to ensure that components are being used for their claimed objective. The move will allow the company to get back into the business. According to Trump administration officials, ZTE gave numerous wayward executives their full 2016 bonuses and then lied about it to the USA government.

Ross, speaking about the agreement on CNBC on Thursday, said he did not think the arrangement would have any effect on tariff talks with China.

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ZTE is based in Shenzhen, close to Hong Kong, and was founded in 1985.

But the company admitted that while it had fired the four senior employees, it had made false statements about the others, the officials said.

The Commerce Department said the compliance team will be in place for a decade. Both ZTE and Huawei devices were even banned from being marketed in United States military bases. The company will also have to keep a team of "compliance coordinators" for the next 10 years, which will be selected by the DoC.

The tentative agreement is under review by both US and Chinese officials and could fall apart under final reviews, according to one of the people, who spoke on condition of anonymity to discuss internal deliberations.

Last year, ZTE paid over $2.3 billion to U.S. suppliers, a senior ZTE official told Reuters last month.

ZTE supplier Oclaro Inc rose nearly 1 percent while Acacia Communications Inc was down 1.5 percent.

ZTE supplier Oclaro Inc OCLR.O rose nearly 1 per cent while Acacia Communications Inc ACIA.O was down 1.5 per cent. Oclaro got 18 per cent of its business from ZTE previous year, while 30 per cent of Acacia's total revenue was from ZTE.

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