Chinese Phone Maker ZTE Slapped With Largest Penalty Ever by Commerce Secretary

Chinese Phone Maker ZTE Slapped With Largest Penalty Ever by Commerce Secretary
Secretary of Commerce Wilbur Ross enters the East Room of the White House in Washington on April 3, 2018. Samira Bouaou/The Epoch Times
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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.

Ivan Pentchoukov
Ivan Pentchoukov
Author
Ivan is the national editor of The Epoch Times. He has reported for The Epoch Times on a variety of topics since 2011.
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