Saturday, 21 July, 2018


'ZTE loses Italy deal even as USA restrictions start to ease'

The ZTE logo on an office building in Shanghai The ZTE logo on an office building in Shanghai
Conrad Doyle | 09 July, 2018, 05:36

The papers from the US Commerce Department's Bureau of Industry and Services will run from July 2 until August 1.

ZTE has reportedly chosen a new CEO and a number of other senior executives as it seeks to overturn a seven-year ban from dealing with USA companies.

ZTE lost the deal because it is barred from buying U.S. technology, and Ericsson AB won the €600 million (RM2.82 billion) contract instead, people with knowledge of the matter said, asking not to be identified because it has not been announced.

Chinese telecom equipment manufacturer ZTE Corp, has named a new CEO to comply with its deal with the U.S.to get a supplier ban lifted. It was forced to shut down operations and has been largely inactive since then.

ZTE was also required to pay a $1 billion penalty to resume business in the US. 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. Xu, a former managing director of ZTE in Germany, has been with the company since 1998.

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.

Company insiders told Reuters almost two dozen senior executives left ZTE on Friday. Li Zixue was appointed the new chairman while the previous board led by Chairman Yin Yimin resigned. Because of the ban, ZTE had ceased all USA operations in May.

The mixture of good and bad news is just the latest chapter in the saga of ZTE, which has seen its prospects and stock price rise and fall in the past few months over access to technology it needs to sell telecoms gear across the globe.

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