ZTE has reached a deal to have USA sanctions lifted

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He later tweeted that the ZTE talks were "part of a larger trade deal" being negotiated with China.

"Today, [U.S. Commerce Department's Bureau of Industry and Security] is imposing the largest penalty it has ever levied and requiring that ZTE adopt unprecedented compliance measures", said Secretary Ross. ZTE also agreed to place US$400 million in escrow, money which the United States government can take if the Chinese company is found to be in violation again.

In addition to the more than $1.8 billion in combined fines, ZTE will be required to retain a team of specially assigned compliance coordinators answerable to BIS for a period of 10 years. We imposed a work team chosen by us within the company, financed by it and subordinated to the new executives, to closely monitor their activities, said the high official in the Squawk Box program of such television station. In a memo to staff, Chairman Yin Yimin said ZTE would look to get back into business as soon as possible, and hold those responsible for the breach accountable, a company source said. Instead of disciplining all employees involved, the department said, ZTE had paid some of them full bonuses and then lied about it.

The terms of the deal include a $1 billion penalty against ZTE and dictate that the company install a US chosen compliance team.

But early this year, the U.S. government discovered that ZTE had not followed through on its promise.

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Still, the resolution of the ZTE case may clear the way for the U.S. to make progress in its trade talks with China.

"We are literally embedding a compliance department of our choosing into the company to monitor it going forward".

Trump later said his administration would allow the company to stay in business after paying a $1.3 billion fine, changing its management and board and providing "high-level security guarantees". This compromise would allow the company to once again use US -made components in their products-although at a large cost. According to Trump administration officials, ZTE gave numerous wayward executives their full 2016 bonuses and then lied about it to the USA government.

The US had blocked ZTE's access to American suppliers, saying it had violated a sanctions settlement. Shares of Qualcomm Inc QCOM.O rose 2 per cent to US$61.255, while NXP jumped 6.2 per cent to US$121.60.

The June pact is costly for a company with revenues of US$17 billion a year.

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