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.
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.