ZTE US Operations to Resume After Sealing Deal with Government
It was announced this week that Chinese telecoms giant ZTE will be resuming its operations in the US after a three-month ban for illegally shipping its products to Iran.
ZTE signed an escrow agreement with the US Commerce Department where the company will be depositing $400 million to lift the ban. ZTE had already paid $900 million last year, in addition to another $1 billion penalty that it had incurred.
The Commerce Department said that the ZTE settlement has been the toughest penalty and strictest compliance regime the department has ever imposed in such a case.