ZTE Unveils New Board to Lift US Ban

Chinese telecom giant ZTE revealed this week a new board in fulfillment to an agreement it entered with the US government to lift the ban on its business in the country.

According to exchange filings last Friday, Li Zixue was elected as the company’s new chairman, while the old board and senior management, headed by Chairman Yin Yimin, have submitted their resignation on June 29.

Even though the company had already paid a $1 billion penalty and put $400 million in an escrow account as part of the deal, the U.S. Department of Commerce still has to work out the details needed to lift the ban, with the deal facing strong opposition from some U.S. lawmakers.

Source: Reuters