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Washington Completely Lifts ZTE Ban After Three Months

Posted On: Jul 13, 2018   |   Posted By: Android Headlines

The United States Department of Commerce on Friday completely lifted the denial order imposed on Chinese electronics and telecom gear manufacturer ZTE nearly three months after first issuing it in response to violations of a 2017 settlement over broken import embargoes imposed on Iran and North Korea. As of today morning PST, ZTE can no longer be found on the federal regulator's “Denied Persons Lists” containing names of individuals and entities with whom American companies aren't allowed to trade. While the Commerce Department initially hit ZTE with a seven-year denial order that would have likely brought it to bankruptcy much sooner, the firm resolved to negotiate another settlement so as to remain operational.
As part of the new agreement, ZTE paid a $1 billion fine, ejected and replaced the entirety of its board and management, and hired an independent compliance officer who will monitor its overseas business and report directly to Washington. A $400 million eschew payment is also part of the same...

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