ZTE Settlement with US government
Two Chinese companies, Zhongxing Telecommunications Equipment Corporation and ZTE Kangxun Telecommunications Ltd., collectively known as the ZTE, were under surveillance since 2010. The investigation was with regards to illegal exports of US-origin goods including Commerce Control List (CCL) goods by the company to Iran and North Korea.
Following this five-year investigation, the Commerce and Justice Departments found ZTE guilty of violating the International Emergency Economic Powers Act, obstruction of justice, and making a false statement.
To settle the case, the ZTE has agreed to pay US $1.2 billion civil and criminal fines to US government.
For additional information please read the Treasuries Press release:
