China's ZTE sees heavy losses in H1 due to U.S. penalty

China's ZTE sees heavy losses in H1 due to U.S. penalty

The United States has formally lifted a crippling ban on exports to China's ZTE, rescuing the smartphone maker from the brink of collapse after it was denied key components. Mark R. Warner (D-VA), Vice Chairman of the Senate Select Committee on Intelligence and a member of the Senate Banking and Finance Committees, joined Senate colleagues in urging the Chairmen of the Senate and House Armed Services Committees to include a Senate-passed amendment cosponsored by Sen.

Last week, a bipartisan group of senators introduced legislation that could reinstate some of the penalties on ZTE.

The U.S. Department of Commerce on July 13 lifted a ban on U.S. companies selling equipment to Chinese telecom giant ZTE, allowing the company to resume business.

ZTE Corp. paid a $1 billion lump sum and put $400 million in escrow to pay a US sanctions penalty. He recently wrote to the administration urgingPresident Trump to re-consider a deal with the China-based company. As you begin deliberations over the final version of the FY 2019 NDAA, we request that you include these two measures.

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The US Commerce Department yesterday said it would continue to monitor the company to prevent further violations of US sanctions on Iran and North Korea.

The objective of this settlement is to modify ZTE's behavior while setting a new precedent for monitoring to assure compliance with US law.

The Commerce Department in April banned U.S. companies from supplying ZTE with crucial components, forcing it to halt operations, after officials found further violations even after reaching a settlement in March of previous year over the initial complaints.

The $1.4 billion paid under the new settlement agreement are in addition to the $892 million in penalties ZTE has already paid to the U.S government under a March 2017 settlement agreement. It recently named a new CEO and replaced its entire board to meet USA demands. "It will deter future bad actors and ensure the Department is able to protect the United States from those that would do us harm". The incident will also serve as a lesson for all Chinese companies venturing into foreign countries. We believe that efforts to weaken the robust protections in the FIRRMA will embolden our adversaries and present threats to our national security.

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