US commerce secretary announces 1.4-billion US dollar settlement for ZTE
Authored By Wion Web Desk
Published: Jun 07, 2018, 22:15 IST | Updated: Jun 07, 2018, 22:15 IST
Wilbur Ross
Story highlights
ZTE has been facing financial ruin since the US banned suppliers from trading with it
The United States and Chinese telecom firm ZTE reached a deal Thursday saving the company from collapse.
ZTE has been facing financial ruin since the USbanned suppliers from trading with it.
The Chinese telecom giant was caught in the trade crossfire between the United States and China.
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The UShas reversed the ban, but with tough conditions, according to the USCommerce Department.
ZTE will have to pay a 1-billion-US-dollar fine, having already paid nearly as much for breaching a settlement for violating sanctions.
It'll also have to put up another 400 million dollars of suspended fines in escrow, and in an unprecedented move, have a US-selected monitoring team embedded in the company.
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