Photo: REUTERS
Photo: REUTERS
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ZTE announces US$1.2 billion settlement with US

The Chinese telecom plead guilty to criminal charges related to circumventing sanctions on Iran and North Korea.

March 8, 2017 9:25 PM (UTC+8)

Chinese telecommunications firm ZTE announced Tuesday that it has agreed to pay a US$1.2 billion fine, after pleading guilty to violations of US sanctions on Iran and North Korea, reported the Financial Times. The Trump administration was quick to put a feather in its cap after the announcement, with Commerce Secretary Wilbur Ross saying that “we are putting the world on notice: the games are over.” The investigation began after the Obama administration placed a ban on the company in March 2016. Stocks of ZTE were up 6% in trading in Hong Kong on Wednesday.

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