Monday, 04 June 2018 08:01

ZTE may pay fine of US$1.7b to start trading again Featured

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The US Government could soon ask Chinese telecommunications company ZTE Corporation to pay a fine of US$1.7 billion as part of a deal to allow the firm to start trading again.

Reuters reported that the US Department of Commerce would also want to have unrestricted access to the company's premises to verify that American components were being used as claimed by the company.

In 2017, ZTE paid more than US$2.3 billion to 211 American suppliers.

The US also asked for metrics about the US components used to be posted on a website.

ZTE was hit with a seven-year export ban in April, with the US saying it had not abided by the terms of an agreement reached in 2016 after the company had been found to be flouting US sanctions on selling devices to Iran, North Korea and Cuba.

The company paid a fine of US$1.2 billion for the offence, but did not discipline certain employees as it agreed to do as part of the settlement.

The report said that ZTE would also be asked to appoint a new board and executive team within 30 days. However, it added that the deal had not yet been finalised and the terms could change.

The US and China have been holding talks to try and avert an all-out trade war, with a third round of talks held in Beijing last week.

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Sam Varghese

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Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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