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General

ZTE agrees to pay US govt USD 1 bln in exchange for end to sanctions

Thursday 7 June 2018 | 17:53 CET | News
ZTE has agreed pay a penalty of USD 1 billion to end the US commerce department's 7-year ban on buying from US suppliers, CNBC reported, citing a statement from Commerce Secretary Wilbur Ross. Under the deal struck with the US, ZTE will have to pay the fine and have a US-chosen compliance team embedded at the company. The company will pay for the team. The deal also requires ZTE to change its board of directors and executive team within 30 days.

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Categories: General
Companies: ZTE
Countries: World
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