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09 June 2018, 07:18 | Joann Bryant
ZTE will reportedly pay over $1 billion to lift US ban
"When it comes to China, despite his tough talk, this deal with ZTE proves the president just shoots blanks".
Ross called ZTE's actions a "world-class embarrassment", and said that the US deal with ZTE imposes the "most strict" compliance ever on any company.
Under the deal, ZTE must retain a compliance team selected by the Commerce Department for 10 years. Should the Chinese company break any of the USA export control laws during this period, the BIS can activate the suspended denial order which would, once again, disallow them from doing business with US companies in any capacity.
ZTE had been banned from buying American technology components for seven years, a penalty that industry analysts said would put it out of business within weeks because of its reliance on the United States for parts. This comes despite an across-the-board rebuke from USA intelligence agencies who see ZTE as a national security threat.
The US Department of Commerce will take into account the $361 million paid by the company previous year, which will allow the US to claim a $1.7 billion fine.
For the last month, Chinese smartphone giant ZTE has been largely shut down after the Trump administration banned USA firms from selling it technology.
According to Reuters, the company has agreed to pay a total of $1.7 billion in penalties in a settlement with the Commerce Department. When U.S. regulators found that the company had not complied with the terms of the agreement, they cut off ZTE from its U.S. parts suppliers, a move described as a "death sentence" by the company, which employs 70,000 people in China.
The ban in effect nearly destroyed ZTE as it now relies on many components from American companies. ZTE reached an agreement to turn over $1.19 billion and punish executives involved in the scheme, but in April the US determined that the company hadn't lived up to its promises.
ZTE also agreed to change its executive team and board within 30 days. The president was seen as going easy on the Chinese company in the midst of trade talks over, among other things, Beijing's strong-arm efforts to appropriate American technology.
But early this year, the U.S. government discovered that ZTE had not followed through on its promise. The company was allowed continued access to the US market under the 2017 agreement. Separately, Qualcomm is trying to get Chinese approval for its pending US$44 billion acquisition of NXP Semiconductors NV NXPI.O .
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