US May Collect Up to $1.7 Billion in Penalties from ZTE
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Sources have revealed this week that the Trump administration may claim up to $1.7 billion from Chinese telecoms giant ZTE before allowing it to resume business in the US.
Additionally, the Commerce Department also wants unfettered site visits to check if U.S. components are being used in ZTE devices, and wants the company to post calculations of the U.S. components in its products on a website.
It is said that Washington also wants the current board of ZTE to be replaced within 30 days, but the terms of the deal, as well as the penalties, are still subject to change.
ZTE has been hounded by the US government ever since it was caught illegally shipping goods to Iran and North Korea.
Source: Reuters