ZTE settles with US for nearly $1 billion over Iran sales

ZTE settles with US for nearly $1 billion over Iran sales

“Chinese cellphone equipment maker ZTE has agreed to plead guilty and pay about $900 million to the United States to settle allegations that it violated American laws on selling U.S. technology to Iran.

ZTE, the fourth-largest smartphone vendor in the U.S., will pay $892 million in fines and penalties, U.S. officials announced Tuesday. It has agreed to pay another $300 million, suspended during a seven-year period, if it does not hold up its part of the agreement, which includes an independent compliance monitor.

The company admitted to shipping products containing U.S.-made equipment to Iran, either directly or through other companies, over a six-year period without proper licensing, according to U.S. officials. They say ZTE knowingly shipped about $32 million worth of U.S. goods to Iran and misled U.S. authorities about its compliance with American laws.”

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