china’s zte pleads guilty in iran sanctions probe to pay nearly 900m
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
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China’s ZTE pleads guilty in Iran sanctions probe, to pay nearly $900m

Arab Today, arab today

Arab Today, arab today China’s ZTE pleads guilty in Iran sanctions probe, to pay nearly $900m

A Chinese national flag and two flags bearing the name of ZTE
New York/Hong Kong - Arab Today

Chinese telecom equipment maker ZTE Corp. has agreed to plead guilty and pay nearly $900 million in a US sanctions case.
A five-year investigation found ZTE conspired to evade US embargoes by buying US components, incorporating them into ZTE equipment and illegally shipping them to Iran.
In addition, it was charged in connection with 283 shipments of telecommunications equipment to North Korea.
“ZTE Corporation not only violated export controls that keep sensitive American technology out of the hands of hostile regimes like Iran’s, they lied ... about their illegal acts,” US Attorney General Jeff Sessions said in a statement.
ZTE relies on US suppliers for 25 percent to 30 percent of its components, many of which are key to its goods. It purchases about $2.6 billion worth of components a year from US firms, according to a company spokesman. Qualcomm, Microsoft and Intel are among its suppliers.
“ZTE acknowledges the mistakes it made, takes responsibility for them, and remains committed to positive change in the company,” ZTE Chief Executive Zhao Xianming said in a statement.
The company agreed to a seven-year suspended denial of export privileges, which could be activated if there are further violations, as well as three years of probation, a compliance and ethics program, and a corporate monitor.
It also agreed to an additional penalty of $300 million that will be suspended during the seven-year term on the condition the company complies with requirements in the agreement.
When asked about the ZTE case, Chinese Foreign Minister Wang Yi said relevant departments of the government would continue to pay attention as to whether Chinese firms were receiving fair treatment.
Tim O’Toole, a Washington D.C.-based lawyer with Miller & Chevalier specializing in sanction cases, said US court documents suggest ZTE’s attempts to obstruct the investigation were the main reason for a penalty significantly higher than in similar cases.
The investigation, spearheaded by the US Department of Commerce, followed reports by Reuters in 2012 that ZTE had signed contracts to ship millions of dollars worth of hardware and software from some of the best-known US technology companies to Iran’s largest telecoms carrier.
Last year, the Commerce Department released internal documents showing senior ZTE executives instructing the company to carry out a project for dodging export controls in Iran, North Korea, Syria, Sudan and Cuba.
The settlement includes a $661 million penalty to Commerce; $430 million in combined criminal fines and forfeiture; and $101 million paid to the Treasury’s Office of Foreign Assets Control (OFAC). The action marks OFAC’s largest-ever settlement with a non-financial entity.
The Commerce Department will recommend ZTE be removed from a list of entities that US firms cannot supply without a license if it lives up to its deal and a court approves its agreement with the Justice Department.

Source: Arab News

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china’s zte pleads guilty in iran sanctions probe to pay nearly 900m china’s zte pleads guilty in iran sanctions probe to pay nearly 900m

 



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china’s zte pleads guilty in iran sanctions probe to pay nearly 900m china’s zte pleads guilty in iran sanctions probe to pay nearly 900m

 



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