China's telecom giant ZTE to pay $1.19 bn for violating Iran, NK sanctions
March 07, 2017 22:49
Chinese telecom giant ZTE Corp has agreed to pay a "criminal penalty" of USD 1.19 billion to the US for illegally supplying telecommunication equipment to Iran and North Korea, Commerce Secretary Willian Ross said today.
"We are putting the world on notice: the games are over," Ross told reporters at a news conference.
He announced that Zhongxing Telecommunications Equipment Corporation and ZTE Kangxun Telecommunications Ltd., known collectively as ZTE, agreed to a record-high combined civil and criminal penalty of USD 1.19 billion, after illegally shipping telecommunications equipment to Iran and North Korea in violation of the Export Administration Regulations (EAR) and the Iranian Transactions and Sanctions Regulations (ITSR).
"Those who flout our economic sanctions and export control laws will not go unpunished '" they will suffer the harshest of consequences.
Under President (Donald) Trump's leadership, we will be aggressively enforcing strong trade policies with the dual purpose of protecting American national security and protecting American workers," Ross said.
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