Posted on 03/08/2017 5:43:40 PM PST by TigerLikesRooster
China's ZTE pleads guilty, settles US sanctions case for nearly US$900 million
NEW YORK/HONG KONG: Chinese telecom equipment maker ZTE Corp has agreed to plead guilty and pay nearly US$900 million in a U.S. sanctions case, drawing a line under a damaging scandal that had threatened its cut off its supply chain.
While the fine was larger than expected, ZTE, also a major smartphone maker, reported robust underlying earnings for 2016 and was upbeat in estimates for the first quarter. That and the resolution of the case helped its Hong Kong-listed shares surge 6 percent.
A five-year investigation found ZTE conspired to evade U.S. embargoes by buying U.S. components, incorporating them into ZTE equipment and illegally shipping them to Iran.
In addition, it was charged in connection with 283 shipments of telecommunications equipment to North Korea.
"ZTE Corporation not only violated export controls that keep sensitive American technology out of the hands of hostile regimes like Iran's, they lied ... about their illegal acts," U.S. Attorney General Jeff Sessions said in a statement.
(Excerpt) Read more at channelnewsasia.com ...
ZTE slapped with a massive fine of $1.2 billion for violating US sanctions
In the meantime, the US Commerce department is now gearing up to screw Huawei in an identical case. It has been reported that the company did conduct trade with countries like Iran, North Korea, Sudan, Syria, and Cuba. The department has not yet released any report of the findings. However, the investigation is almost over, and an outcome is expected within the next few days.
So does the money go into the Treasury toward debt reduction or into some politician’s slush fund?
How many miles of the wall will that pay for?
Unless it’s union scale/”prevailing wage”, then maybe a mile...
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