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.”

Advertisements
This entry was posted in business, Crime, government, politics, Tech, World. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s