ZTE Corp. building in Beijing (Photo: Gilles Sabrie/Bloomberg)
The Chinese telecom has now met the terms of its June agreement with the Commerce Department, which included paying a penalty of $1 billion.
July 13, 2018 at 03:37 PM
1 minute read
senior reporter
The U.S. Department of Commerce today announced it has lifted the ban on exporting U.S. parts to the Chinese telecom ZTE Corp. within hours after the company completed meeting the terms of a June agreement.
The terms included paying a $1 billion penalty, placing another $400 million in escrow at a U.S. bank, reprimanding nearly three dozen high-ranking officers, and overhauling its board of directors and management.
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