USA continues to monitor ZTE for violations: Wilbur Ross

10 June, 2018, 11:19 | Author: Mary Valdez
  • ZTE has been banned from purchasing sensitive technology from the US over its illegal sales to Iran and North Korea

Do you think this agreement will act as a good way to keep ZTE in check?

Chinese President Xi Jinping personally intervened with US President Donald Trump, who instructed Ross to find a solution.

The US government has reached a deal with ZTE that will ease crippling sanctions on the Chinese smartphone company.

The White House wanted to help the company clean up its act. "ZTE misled the Department of Commerce".

Reuters reported earlier this week that the two sides were close to reaching a deal that would allow ZTE to resume business as usual. Chinese telecom firms like ZTE and Huawei are suspected of having ties to the Chinese military, and their products already are banned on many USA military bases.

We're learning about a settlement that will cost ZTE $1.4 Billion.

Ross said going forward, the deal imposes the "most strict" compliance on ZTE.

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Noting that the deal imposed the strictest compliance ever on any company, American or foreign, Ross added: "We are literally embedding a compliance department of our choosing into the company". "If they commit any further violations, we would again be able to deny them access to USA technology" and levy another $400 million in fines. The settlement's goal is to modify the behavior of ZTE.

The announcement boosted shares in United States component makers including Acacia Communications, Oclaro and Lumentum Holdings. The team will monitor ZTE's adherence to US export control laws - an arrangement the department described as the most stringent requirements it has ever imposed.

As part of this deal, ZTE will also have to replace its board within 30 days as well as accepting "unfettered site visits" from the U.S. to ensure that components are being used for their claimed objective.

It's not clear yet when the ban will be officially lifted. It can be activated if there are additional and new violations.

He said the Commerce Department's $1.4 billion fine, including $400 million in escrow, brings USA penalties between last year and this year to $2.3 billion. In March 2017, ZTE agreed to pay that fine and also to a seven-year suspended denial of export privileges, which would go into effect if ZTE broke the agreement during that time. And the company will be required to host and pay for a US-selected compliance team that will oversee the company's compliance over the term of the agreement. Both actions are significant violations of USA trade embargoes that led to $892 million in fines.

Trump later said his administration would allow the company to stay in business after paying a $1.3 billion fine, changing its management and board and providing "high-level security guarantees".

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