ZTE Signs Preliminary Agreement With Commerce Department To Lift US Ban
10 June, 2018, 03:18 | Author: Brooke Harris
"There is absolutely no good reason that ZTE should get a second chance and this decision marks a 180-degree turn away from the president's promise to be tough on China". "ZTE misled the Department of Commerce". ZTE was assessed $2.29 billion in civil and criminal penalties by the Commerce Department and other USA agencies since previous year.
The White House did not immediately react to the proposed legislation, prompting some on Capitol Hill to speculate that it may actually welcome the legislation. The Commerce Department was ordered to help ZTE in sorting out the mess.
ZTE is highly dependent on USA suppliers for parts used in its phones and other products.
A US-appointed compliance team will monitor the arrangement, which if broken will see ZTE surrender the $400 million and be banned from the USA component market for ten years. ZTE was assessed US$2.29 billion in civil and criminal penalties by the Commerce Department and other U.S. agencies since a year ago. 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.
Last year, ZTE paid over $2.3 billion to USA suppliers, a senior ZTE official told Reuterslast month. During this period, ZTE paid penalties worth up to $661 million and entered into a seven-year suspension from exporting.
In an interview with CNBC, Ross expressed his satisfaction with the arrangement, which imposes a fine of one billion dollars to this giant of the sector and forces it to leave in trust 400 additional millions. The settlement's goal is to modify the behavior of ZTE.
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The fine comes after Donald Trump stepped in to save the company after USA regulators barred it from doing business in the United States, an effective death blow for the company. The U.S. government feared that ZTE would then be exporting that technology to sanctioned countries again.
ZTE could not be reached for comment by either Reuters or the Post.
It's not clear yet when the ban will be officially lifted. But under the deal announced Thursday, ZTE will pay an additional $1 billion penalty and put another $400 million in escrow to cover possible future violations.
Under the deal, ZTE must retain a compliance team selected by the Commerce Department for 10 years.
Coleman's ZTE connection is through law firm Hogan Lovells. This occurrence is the first time that BIS has achieved such stringent compliance measures.
Chinese smartphone maker ZTE will pay a fine of $1 billion and bring an American monitoring team on board to resolve a high-profile dispute with the United States.
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