ZTE reaches billion dollar deal with U.S. government
11 June, 2018, 17:43 | Author: Sally Reid
Today a U.S. Commerce Department spokesman said that an agreement is pending between the United States and ZTE that would see ZTE pay a hefty fine and in exchange be allowed to purchase crucial components again.
If you'll recall, last month ZTE was handed an export ban as the result of not following the terms of a court case years ago. The government will suspend the 10-year ban but it can activate the ban if there are any violations.
Under the deal, ZTE must retain a compliance team selected by the Commerce Department for 10 years.
U.S. Rep. Tim Ryan of Howland, D-13th, said, "Days after President Trump took a sledgehammer to our relationships with Canada and Europe by imposing harmful tariffs - jeopardizing alliances that helped us win the Cold War - his administration has formally announced its golden parachute for Chinese telecom giant ZTE". "If they commit any further violations, we would again be able to deny them access to USA technology as well as collect the additional $400 million in escrow".
"This is a pretty strict settlement, the strictest and largest fine that has ever been brought by the Commerce Department against any violator of export controls", Ross said in an interview with CNBC.
Neither the Commerce Department, the White House nor ZTE immediately responded to requests for comment.
Ross said the US will install its "own compliance people" to monitor the company and shareholders will bring in new management and board.
Ross said the United States will install its "own compliance people" to monitor the company, and shareholders will bring in new management and board. Post calculations of U.S. parts in the company's products would also have to be on a public website.
As a result, ZTE was banned from using USA -made components for 7 years starting from April 2017.
The denial order put ZTE's future into jeopardy because it relies on US components for so many of its products. That left a USA deficit of more than $375 billion. The team will monitor ZTE's adherence to USA export control laws - an arrangement the department described as the most stringent requirements it has ever imposed.
Commerce Secretary Wilbur Ross announced a deal with Chinese telecommunications company ZTE amid U.S. Separately, Qualcomm is trying to get Chinese approval for its pending $44 billion acquisition of NXP Semiconductors NV. In a memo to staff, Chairman Yin Yimin said ZTE would look to get back into business as soon as possible, and hold those responsible for the breach accountable, a company source said.
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