ZTE Halted Operations, How Will This Impact Telstra?
10 May, 2018, 06:59 | Author: Tara Roberts
According to Reuters, ZTE has ceased all major operations following the United States export ban it faces, following a failure to have the ban reversed or modified.
ZTE past month was hit by a ban by Washington prohibiting US organizations to produce it together with technology and components later it was found to possess broken USA export limitations.
In its statement to the stock exchange Wednesday, ZTE said that it maintains sufficient cash as of now and "strictly adheres to its commercial obligations subject to compliance with laws and regulations".
Australia's largest telco said that the US Government's denial order, which was issued last month and prohibits US companies from selling device components and software to ZTE, now prevents ZTE from manufacturing devices for Telstra's range. ZTE did say that it is trying to get a modification or reversal to the ban, though.
Remember, as you possibly feel bad for ZTE in all of this - the reason they got this U.S. supply ban was because they lied about paying bonuses to workers. The penalties prescribed by the U.S. Commerce Department included withholding bonus checks and issuing letters of reprimand to those involved.
ZTE appears to have suspended its online stores on its website as well as on Alibaba Group's e-commerce platform Taobao over the past few days.
The Chinese firm did not respond to calls and messages from Reuters seeking comment.
A ZTE employee said that staff had been reporting to work as normal but "with not much to do".
On April 17, the Chinese company was forced to halt trading of its shares in Hong Kong and Shenzhen following the decision by the U.S authorities.
The company has been scrambling since the ban, reportedly meeting with Google to determine if there's some workaround to what might effectively end its use of Android and Play services. Another said he hoped the Chinese government would help, saying he was confident President Xi Jinping would "sort out this trouble".
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