Monday, 21 August 2017

US fines ZTE $1.2bn for shipping kit to Iran, North Korea

By Nick Wood, Total Telecom
Tuesday 07 March 17

Chinese kit maker slapped with record-breaking penalty for 'systemically misleading' authorities.

ZTE has been fined $1.19 billion (€1.13 billion) by the U.S. government for illegally shipping network equipment to Iran and North Korea. The Chinese kit maker was also found to have lied to investigators and destroyed evidence of its misdeeds in order to cover its tracks. As part of a settlement with U.S. authorities, ZTE has agreed to active audit and compliance requirements designed to prevent and detect future violations. If ZTE steps out of line, a seven-year ban on exports of ZTE products containing U.S.-made technology will be triggered…

ZTE has been fined $1.19 billion (€1.13 billion) by the U.S. government for illegally shipping network equipment to Iran and North Korea. The Chinese kit maker was also found to have lied to investigators and destroyed evidence of its misdeeds in order to cover its tracks. As part of a settlement with U.S. authorities, ZTE has agreed to active audit and compliance requirements designed to prevent and detect future violations. If ZTE steps out of line, a seven-year ban on exports of ZTE products containing U.S.-made technology will be triggered…

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