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US Hits China's ZTE with $1 Billion Penalty

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

"exec" writes:

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: 1, Informative) by Anonymous Coward on Sunday June 10 2018, @03:28PM

    by Anonymous Coward on Sunday June 10 2018, @03:28PM (#691113)

    It is only due to the Trump presidency that we were able to discover:

    1. national security letters
    2. FISA warrant
    3. unmasking
    4. undercover agent
    5. use of Five Eyes to evade US law

    Yeah... about that. None of those things were secrets. I mean we've been talking about that kind of stuff for 2 decades on slashdot.

    The problem with all of those things are the potential for abuse. And what trump's done is made a showcase of them when they were used legitimately.

    If you think that's going to reign in abuses in the future, I've got a trump tower in Azerbaijan [straitstimes.com] to sell you. The fact that all of these national security tactics were used on a legitimate security threat is going to validate them in the minds of people who would ordinarily be skeptical. He is single-handedly going to decimate opposition to the surveillance state.

    When you throw in with a narccisistic sociopath, you give up your soul to them. If you legit cared about privacy and government over-reach, well you've just scarified those principles on the altar of your orange god. ETTD

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