Saturday, 22 September, 2018


US lifts ban on suppliers selling to China's ZTE:The Asahi Shimbun

The logo of ZTE Corp is seen on its building in Beijing ZTE Corp is seen on its building in Beijing China
Conrad Doyle | 15 July, 2018, 22:26

A short time ago, ZTE was forced to shut down more than half of its operations in the U.S after the U.S Department of Commerce banned the company from importing US-made components.

According to the Commerce Department, the moment ZTE fulfills the clauses of the USA by submitting the penalty amount of £303 million or $400 million, the procedures related to the lifting of the ban will be initiated on behalf of BIS or Bureau of Industry & Security.

Soon after, the U.S. had come up with a proposal that states that if China recruits compliance team hand-picked by the USA, pays a whopping penalty of $1 billion, deposits $400 million in the holding account for the violations of the laws in the future, and redesigns the board of management, the U.S. will reconsider the punishment.

"The department will remain vigilant as we closely monitor ZTE's actions to ensure compliance with all U.S. laws and regulations", Commerce Secretary Wilbur Ross said in an emailed statement that described the penalties and other conditions as the strictest ever imposed in such a case.

ZTE did not immediately respond to requests for comment. The ban was imposed in April after ZTE broke an agreement it reached after pleading guilty in United States federal court previous year for illegally shipping U.S. goods and technology to Iran, in violation of USA sanctions.

The company had made false statements about disciplining 35 employees involved with illegally shipping USA -origin goods to Iran and North Korea, Commerce Department officials said. The latest $1.4 billion deal comes on top of that.

The June settlement also required ZTE to change its board and management, and to allow the US government unfettered site visits to verify USA components are being used as claimed. ZTE also replaced its entire board of directors and senior leadership.

Shares of ZTE Corp surged by 25 percent in Hong Kong on Thursday, after the company signed an agreement with the United States, paving the way for the lifting of a seven-year USA supplier ban.

"This sweetheart deal not only ignores these serious issues, it lets ZTE off the hook for evading sanctions against Iran and North Korea with a slap on the wrist", Warner said.

ZTE are now faced with a ten year suspended ban on sourcing any U.S. parts or products.

Additionally, Senators urged the conferees to include the reforms to the Committee on Foreign Investment in the United States (CFIUS), which were a part of the recently passed Senate NDAA bill. Its fate is unclear.

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