TELETRADER News
4/16, 5:11 PM (Source: TeleTrader.com)
more TeleTrader news

US issues denial of export against ZTE

United States Department of Commerce’s Bureau of Industry and Security (BIS) issued a denial of export for the Chinese tech giant ZTE, Secretary Wilbur Ross announced on Monday. This effectively bans US companies from selling components to the Shenzhen-based electronics company.

"ZTE made false statements to the US Government when they were originally caught and put on the Entity List, made false statements during the reprieve it was given, and made false statements again during its probation," Ross stated.

In March 2017, the secretary said penalties against ZTE will total $1.2 billion for violating laws by selling US technology to Iran. Soon after, ZTE agreed to a combined civil and criminal penalty and forfeiture of $1.19 billion. The company also agreed on a seven-year denial of export to be activated if any aspect of the agreement was not met.

Breaking the News / BM