4hw.com.cn: Recently, ZTE was banned by the U.S. Department of Commerce. Last March, ZTE just like the U.S. government paid $892 million in fines. What's going on? Let's have a look.
On the evening of April 16, Beijing time, Reuters today quoted us government officials as saying that in violation of the US government's sanctions, the US Department of Commerce has banned US companies from selling parts to ZTE for a period of seven years.
Last March, ZTE reached an agreement with the US government to plead guilty and pay a total fine of $892 million. The reason for this is that ZTE sold communication equipment to Iran and other countries, in violation of the relevant export ban of the United States.
In addition, ZTE was fined $300 million by the US Department of Commerce's Bureau of industry and security. This part of the fine can be suspended, mainly depending on ZTE's implementation of the agreement in the next 7 years.
As part of the deal, ZTE also promised to fire four senior employees and punished 35 others, including lowering bonuses or warning, according to a senior Commerce Department official.
ZTE said it fired only four senior employees and did not punish 35 others.