The U.S. government announced Monday it is banning American companies from doing certain business deals with a Chinese tech giant for the next seven years.
The new restrictive policy from the U.S. Department of Commerce stems from 2017 charges exacted on ZTE, the telecommunications equipment corporation, for illegally shipping American goods to Iran and North Korea. Chinese-based ZTE pleaded guilty at the time and agreed to pay $900 million in fines for violating the U.S. sanctions. But that apparently wasn’t a sufficient punishment.
Aside from illicit distribution of American resources, the U.S. is also accusing ZTE of lying to officials, “and obstructing justice including through preventing disclosure to and affirmatively misleading the U.S. Government.”
“In addition to these monetary penalties, ZTE also agreed a seven-year suspended denial of export privileges, which could be activated if any aspect of the agreement was not met and/or if the company committed additional violations of the Export Administration Regulations (EAR),” the Department of Commerce wrote on a blog post. – READ MORE
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