Published: Пн, Июля 09, 2018
Business | By Kate Woods

ZTE Complies with U.S. Deal to Lift Ban

ZTE Complies with U.S. Deal to Lift Ban

ZTE, which makes smartphones and networking equipment, has been in crisis since April, when the U.S. Commerce Department banned American companies from selling it components.

For those who came in late, ZTE was banned for trading with Iran and then not being apologetic enough afterwards by disciplining the executives who conspired to evade United States sanctions.

ZTE previously pleaded guilty and agreed to pay a $1 billion penalty in March 2017 for having shipped equipment to Iran and North Korea in violation of USA sanctions. It also agreed to replace its board, remove all members of its leadership at or above senior vice president level along with any executives associated with the wrongdoing, and punish responsible executives. The South China Morning Post report is as yet unconfirmed, but identifies Xu Ziyang, now president of ZTE's Telecom Cloud and Core Network product line, as chief executive.

In the letter, which was circulated online on Saturday, Zhang recounted his 18 years at ZTE and said he had no responsibility in ZTE's compliance violations. New chief technology officer Wang Xiyu was formerly a deputy CTO, and new chief financial officer Li Ying was only promoted to vice president earlier this year, according to company insiders.

A ZTE spokesman declined to comment.

ZTE, the Chinese smartphone maker that was banned from operating in the USA this past April, may already be resuming its stateside operations.

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ZTE will terminate employment contracts with former senior management, including executive vice presidents and senior vice presidents, by Thursday.

Company insiders told Reuters almost two dozen senior executives left ZTE on Friday.

To comply with the U.S. deal, the company was required to reprimand 35 high-ranked officers, including a total overhaul of the board of directors.

President Trump then caused a bit of controversy when he signaled that he would intervene on the issue as a favor to Chinese President Xi Jinping.

Huawei, the world's largest telecom equipment maker, has always been under scrutiny in the United States, seen as a risk because of its alleged links to the Chinese government, which the company has denied.

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