Wednesday, 21 November, 2018

ZTE tries to appease US

Thanks to President Trump Chinese smartphone manufacturer ZTE will soon be up and running again in the U.S Thanks to President Trump Chinese smartphone manufacturer ZTE will soon be up and running again in the
Russell Knight | 09 July, 2018, 03:48

The Trump administration is letting ZTE Corp resume some business activities while the USA weighs an end to a seven-year ban on the Chinese telecommunications company.

ZTE, which relies on USA suppliers for core components, had to cease major operations in April after the US government imposed the ban, saying the firm broke an agreement to discipline executives who conspired to evade US sanctions on Iran and North Korea.

ZTE had promised to overhaul its management within 30 days of agreeing a $1.4 billion settlement with US authorities in June, aimed at lifting a seven-year supplier ban.

The company also agreed to pay a $1 billion penalty and put $400 million in an escrow account as part of the deal to resume business with USA suppliers, which provide nearly a third of the components used in ZTE's equipment. In addition, ZTE has removed five executives including Xu Huijun, Zhang Zhenhui, Pang Shengqing, Xiong Hui and Shao Weilin from executive vice presidents posts.

ZTE declined to comment on the matter.

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The company also named a new chief technology officer and a new head of human resources, WSJ said.

ZTE lost the deal because it is barred from buying U.S. technology, and Ericsson AB won the €600 million (RM2.82 billion) contract instead, people with knowledge of the matter said, asking not to be identified because it has not been announced.

It managed to avoid a 7-year supplier ban after reaching a settlement agreement with the United States in March 2017 that included a $1.2 billion fine.

An insider source told Reuters a memo was sent out on July 3 announcing the removal of seven other executives, without providing a reason.

President Trump then caused a bit of controversy when he signaled that he would intervene on the issue as a favor to Chinese President Xi Jinping. The company's installment of new leadership comes just a few days after its previous board of directors resigned.

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