ZTE will pay $1 billion fine to beat US export ban

Tensions between the US government and Chinese smartphone maker ZTE seem to have abated, at least temporarily. US Commerce Secretary Wilbur Ross told CNBC this morning that the government has "struck a deal" with ZTE to end trade sanctions. The deal includes a $1 billion penalty and a US-picked compliance department that will embed within the com pany and monitor it going forward. More than that, within the next 30 days, ZTE will have to install a new board of directors and executive suite, whom the compliance committee will report to directly.

"We are literally embedding a compliance department of our choosing into the company to monitor it going forward," Ross told CNBC. "They will pay for those people, but the people will report to the new chairman."

Developing...

Source: CNBC



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