collected by :Maolly Tony
as informed in
ZTE is to pay $900 million in fines for shipping sensitive US-made technology to Iran.
Chinese firm ZTE pleads guilty to breaking Iran sanctions on Washington PostRead next: Facebook gives zero fucks about cloning Snapchat, adds geostickers in Instagram
The sanctions violation occurred after the Chinese cellphone equipment manufacturer reportedly shipped banned goods over a six-year period to customers in Iran, knowingly violating existing economic sanctions with the country.
If the company should violate sanctions again, or fail to appoint a corporate compliance monitor, it would be subject to another $300 million fine, suspended over a seven-year period.
FIND OUT WHYAccording to ZTE CEO Zhao Xianming:ZTE acknowledges the mistakes it made, takes responsibility for them, and remains committed to positive change in the company … We are committed to a new ZTE, compliant, healthy and trustworthy.
as mentioned in
According to Reuters, the Justice Department also investigated 283 shipments made to North Korea.
On top of the additional $300,000,000 suspended fine, ZTE is also being put on a three-year corporate probation, wherein an independent corporate compliance monitor will be tracking the company’s goings-on.
Chinese electronics giant ZTE this week pled guilty to violating US-Iran sanctions.
According to the DOJ, the company knowingly violated sanctions by shipping product from the US to Iran and lied about its actions when pressed by federal investigators.
The plea marks the end of a five-year joint investigation by the Department of Justice, the FBI and the Department of Homeland Security, among others.
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CORRECTS: Justice Department: Chinese firm ZTE Corp. pleads guilty, to pay US $892 million for violating Iran sanctions
CORRECTS: Justice Department: Chinese firm ZTE Corp. pleads guilty, to pay US $892 million for violating Iran sanctionsWASHINGTON (AP) — CORRECTS: Justice Department: Chinese firm ZTE Corp. pleads guilty, to pay US $892 million for violating Iran sanctions.
(Corrects APNewsAlert to show that payment figure is $892 million not $892 billion.)