ZTE Issues Apology, Pays $1 Billion Fine

ZTE, China’s second largest telecommunications equipment manufacturer, agreed to pay a hefty fine of $1 billion in order to resume its operations in the US.

The company’s chairman also reportedly issued an apology to customers and staff after finalizing its agreement with the US to lift the ban which had been in place since April.

However, experts say that it would take ZTE at least a month to resume shipping phones, on top of job cuts, wage reductions, and potential customer loss as the company reshuffles it senior management.

Source: Reuters