ZTE pays $900 million fine

Stefan Mileschin · 13th March 2017, 08:45

Chinese telecom equipment maker ZTE has agreed to plead guilty and pay up in a US sanctions case, drawing a line under a damaging scandal that had threatened its cut off its supply chain.

While the fine was larger than expected, ZTE, also a major smartphone maker, reported robust underlying earnings for 2016 and was upbeat in estimates for the first quarter.

A five-year investigation found ZTE conspired to evade US embargoes by buying US components, incorporating them into ZTE equipment and illegally shipping them to Iran.

It also made 283 shipments of telecommunications equipment to North Korea.

US Attorney General Jeff Sessions said in a statement that ZTE Corporation not only violated export controls that keep sensitive American technology out of the hands of hostile regimes like Iran’s, they lied … about their illegal acts,”

http://www.techeye.net/business/zte-...0-million-fine

13th March 2017, 08:45	#1
Stefan Mileschin [M] Reviewer Join Date: May 2010 Location: Romania Posts: 148,553	ZTE pays $900 million fine Chinese telecom equipment maker ZTE has agreed to plead guilty and pay up in a US sanctions case, drawing a line under a damaging scandal that had threatened its cut off its supply chain. While the fine was larger than expected, ZTE, also a major smartphone maker, reported robust underlying earnings for 2016 and was upbeat in estimates for the first quarter. A five-year investigation found ZTE conspired to evade US embargoes by buying US components, incorporating them into ZTE equipment and illegally shipping them to Iran. It also made 283 shipments of telecommunications equipment to North Korea. US Attorney General Jeff Sessions said in a statement that ZTE Corporation not only violated export controls that keep sensitive American technology out of the hands of hostile regimes like Iran’s, they lied … about their illegal acts,” http://www.techeye.net/business/zte-...0-million-fine

Similar Threads
Thread	Thread Starter	Forum	Replies	Last Post
Netflix reportedly pays $90 million for Will Smith and 'Bright'	Stefan Mileschin	WebNews	0	21st March 2016 15:56
LG hit with €210 million fine	Stefan Mileschin	WebNews	0	23rd April 2015 13:29
Infosys pays $200 million for US firm	Stefan Mileschin	WebNews	0	17th February 2015 06:35
Intel Pays $740 Million for 18% of Cloudera, Bets on Big Data	Stefan Mileschin	WebNews	0	1st April 2014 07:56
Toshiba pays $35 million for assets of bankrupted OCZ	jmke	WebNews	0	3rd December 2013 07:15
India demands IBM pays $866.20 million	Stefan Mileschin	WebNews	0	5th November 2013 07:03
Apple pays $20 million for clock design	Stefan Mileschin	WebNews	0	12th November 2012 08:27
Facebook pays Microsoft $550 million	Stefan Mileschin	WebNews	0	25th April 2012 06:23
Facebook pays $65 million to ConnectU	jmke	WebNews	0	11th February 2009 19:30
Microsoft pays IBM $775 million to settle suit	Sidney	WebNews	2	1st July 2005 18:22