Chinese telecommunications giant ZTE agreed to pay a $1 billion fine and submitted to strict compliance measures in order to regain access to technology in the United States crucial to its business, Secretary of Commerce Wilbur Ross announced on Thursday.
Under a deal sealed at 6 a.m., ZTE will pay $1 billion up front and place $400 million in an escrow account. The company also agreed to replace its entire board of directors and senior management in 30 days and to have a compliance team assembled by the U.S. Commerce Department embedded in its operations.
