“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.”