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China's ZTE expected to take last step to lift ban

China's ZTE expected to take last step to lift ban

6 years ago
Anonymous $cyhBy-qkd5

https://www.cnbc.com/2018/06/22/chinas-zte-expected-to-take-last-step-to-lift-ban.html

ZTE Corp is expected to deposit $400 million in an escrow account in a U.S. bank in the "next couple of days," the last step the Chinese company must take before a ban on U.S. suppliers can be lifted, a U.S. Department of Commerce official told Reuters on Friday.

ZTE, which makes smart phones and networking gear, agreed to pay a $1 billion penalty and put $400 million in an escrow account as part of a settlement agreement reached on June 7 to regain access to the U.S. market, which it needs for components.

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