ZTE will reportedly pay total of $1.7B to lift US Commerce Department ban

ZTE will reportedly pay total of $1.7B to lift US Commerce Department ban

6 years ago
Anonymous $qrGo_Xv_Cm

https://www.cnet.com/news/zte-will-reportedly-pay-1-7b-to-lift-us-commerce-department-ban-trump/

Embattled Chinese telecommunications manufacturer ZTE may be alive after all. 

The company has agreed in principle to a settlement that would lift the Commerce Department ban preventing US companies from doing business with ZTE, according to a Reuters tweet. In exchange, ZTE would have to pay a total of $1.7 billion in penalties, according to the the report. The preliminary deal includes a $1 billion fine and $400 million in escrow in case of future violations. This comes on top of the $361 million ZTE had already paid under the original settlement.