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General

ZTE confirms to pay USD 1.4 bln to settle US dispute

Wednesday 13 June 2018 | 07:13 CET | News
ZTE and its subsidiary Shenzhen ZTE Kangxun Telecom Company have reached a settlement agreement with the US Commerce Department's Bureau of Industry and Security (BIS) to bring an end to the ban on US exports to the Chinese company. Under the arrangement approved by the BIS on 8 June and effective immediately, ZTE will pay civil monetary penalties totalling USD 1.4 billion, including a lump sum payment of USD 1 billion to be paid within 60 days and an additional suspended penalty of USD 0.4 billion to be placed within 90 days in an escrow account with a US bank selected by ZTE and approved by

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Categories: General
Companies: ZTE
Countries: United States / World
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