Chinese telecom firm ZTE to pay US$1 billion fine to lift U.S. sanctions
- 6 years ago
The Trump administration has announced that it has struck a deal with Chinese telecom giant ZTE to end crippling U.S. sanctions.
The agreement, announced by Commerce Secretary Wilbur Ross on Thursday, includes the firm paying a one billion dollar fine to lift a ban on doing business with American suppliers.
ZTE is also required to overhaul its leadership within a month.
The company paid a fine last year for evading U.S. sanctions by doing business with North Korea and Iran.
It also angered U.S. regulators after it lied about disciplining the employees responsible for the sanction breach.
Thursday's deal has angered U.S. lawmakers on both sides of the aisle and they are working on legislation to roll back the agreement.
The agreement, announced by Commerce Secretary Wilbur Ross on Thursday, includes the firm paying a one billion dollar fine to lift a ban on doing business with American suppliers.
ZTE is also required to overhaul its leadership within a month.
The company paid a fine last year for evading U.S. sanctions by doing business with North Korea and Iran.
It also angered U.S. regulators after it lied about disciplining the employees responsible for the sanction breach.
Thursday's deal has angered U.S. lawmakers on both sides of the aisle and they are working on legislation to roll back the agreement.