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posted by mrpg on Saturday June 09 2018, @08:25AM   Printer-friendly
from the wow dept.

US hits China's ZTE with $1 billion penalty in deal to end crippling sanctions, Commerce Secretary Ross says

[...] "We are literally embedding a compliance department of our choosing into the company to monitor it going forward. They will pay for those people, but the people will report to the new chairman," Ross said in a "Squawk Box" interview.

ZTE's latest brush with U.S. regulators came after the company's business dealings with Iran and North Korea violated U.S. trade agreements. ZTE paid $1.19 billion in fines for those violations, but the dispute didn't end there. The Commerce Department then alleged that ZTE misled regulators and failed to discipline the employees responsible for the sanction breach.

The settlement deal includes $400 million in escrow to cover any future violations as well as requiring ZTE to change its board of directors and executive team in 30 days.

[...] In response to the announced deal, Senate Minority Leader Chuck Schumer said Thursday in a statement, "When it comes to China, despite [Trump's] tough talk, this deal with ZTE proves the president just shoots blanks."

Also at ZTE will pay $1 billion fine to beat US export ban

-- submitted from IRC


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  • (Score: 4, Funny) by frojack on Saturday June 09 2018, @06:13PM (1 child)

    by frojack (1554) on Saturday June 09 2018, @06:13PM (#690870) Journal

    How much did ZTE pay Obama all those years?

    ZTE stopped paying royalties when the saw Obama not being around any more, so the Obama administration started the National Security scare mongering.
    Obama, when fully unraveled will prove to be the most Corrupt president we've ever had.

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  • (Score: 0) by Anonymous Coward on Sunday June 10 2018, @01:19PM

    by Anonymous Coward on Sunday June 10 2018, @01:19PM (#691087)

    How much did ZTE pay Obama all those years?

    NOTHING.

    What is wrong with you man? Has trump pushed you so far off the cliff of sanity that you now reflexively assume that thus utter fucking dumpster fire of a kleptocracy is just the same as what's come before? This is banana republic levels of corruption here. You are sleepwalking into an american twilight WAKE THE FUCK UP.