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General

ZTE inks preliminary deal to lift US ban - report

Wednesday 6 June 2018 | 08:30 CET | News
ZTE has signed an agreement in principle to life the US commerce department's 7-year ban on buying from US suppliers, according to unnamed sources cited by Reuters. The company last month suspended major operations in the wake of the ban, which helped increase its losses to over USD 3 billion as clients pulled out of contracts. However, ZTE has since made a number of management changes and agreed to pay a USD 1 billion fine plus USD 400 million in escrow in the event of future violations, said the sources, adding that the Commerce Department plans to amend its 2017 settlement agreement and

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