Chinese firm ZTE reaches preliminary agreement with USA to restore business

Chinese firm ZTE reaches preliminary agreement with USA to restore business

Chinese firm ZTE reaches preliminary agreement with USA to restore business

Under the deal, the US stands to collect up to an excess of $1.7 billion from the company in current and past paid fines, according to sources who spoke with Reuters.

The Commerce Department plans to amend its settlement agreement from a year ago and count the $361 million ZTE paid as a part of that, allowing the claim a total penalty of as much as $1.7 billion, the sources told Reuters.

In total, the US will collect $1.7 billion from the Chinese phone company for violating sanctions against Iran and North Korea.

Ross also said that a compliance team picked by the US will be embedded at ZTE and that the Chinese company must change its board and executive team in 30 days. As a result, ZTE was banned from using us -made components for 7 years starting from April 2017. "It would also allow unfettered site visits to verify that United States components are being used as claimed by the company", Reuters stated.

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The deal also comes with requirements for ZTE's business operations.

It's looking more and more like ZTE will be saved, thanks to a new agreement between the China-based smartphone maker and the USA government. The U.S. threatened sanctions, but ZTE promised to change its practices and punish the executives responsible for its misconduct.

He also said ZTE was "reflective of the larger trade deal we are negotiating with China and my personal relationship with President Xi". In exchange, ZTE would have to pay a total of $1.7 billion in penalties, according to the the report.

U.S. President Donald Trump arrives for a welcoming ceremony in Beijing, China, November 9, 2017. The deal apparently includes a massive fine for ZTE's non-compliance with an earlier settlement over its breaking of Iran sanctions, as well as the replacement of its management team. "Congress should move in a bipartisan fashion to block this deal right away". The visits would verify that ZTE is using US components as they have agreed. Smaller makers of optical components, including Oclaro and Acacia, rely more heavily on ZTE's business.

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