Monday 18 December 2017

ZTE fined for breaking Iran sanctions

The US government has slapped $1.2 billion in fines on Chinese telecom giant ZTE for violations of US export controls for selling goods to Iran and North Korea
The US government has slapped $1.2 billion in fines on Chinese telecom giant ZTE for violations of US export controls for selling goods to Iran and North Korea

Karen Freifeld

Chinese telecommunications equipment maker ZTE has agreed to plead guilty and pay $892m to settle with US authorities over allegations it violated laws restricting the sale of US-made technology to Iran.

ZTE will plead guilty to conspiring to violate the International Emergency Economic Powers Act, among other charges, in the agreement with the US Department of Commerce, Department of Treasury and Department of Justice.

The Commerce Department investigation followed reports by Reuters in 2012 that ZTE had signed contracts to ship millions of dollars worth of hardware and software from some of the best-known US technology companies to Iran's largest telecoms carrier.

"ZTE acknowledges the mistakes it made, takes responsibility for them, and remains committed to positive change in the company," ZTE chairman and ceo Zhao Xianming said. (Reuters)

Irish Independent

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