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US Fines China’s ZTE $1.2 Bn For Violating Iran, N.Korea Sanctions

March 7, 2017
in Headlines
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The US government has slapped more than $1 billion in fines on Chinese telecom giant ZTE for violations of US export controls for selling goods to Iran and North Korea, officials announced Tuesday.

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It is the largest criminal penalty in US history in an export control or sanctions case, government officials said. The company will pay $892 million, while another $300 million in penalties are suspended for seven years.

ZTE agreed to plead guilty to three charges, including obstructing justice for hiding information from government investigators, the officials said.

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Tags: businessCommunications & Networking - NECEconomy of ChinairanLaw_CrimeNorth Koreapoliticstelecom gianttelecommunications equipmentUnited StatesUS governmentZTE

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