Secretary Ross: U.S.. Has Reached Deal to Lift Sanctions on Chinese Tech Giant ZTE

Originally Posted Here: Link to Source
OAN Newsroom
UPDATED 8:06 AM PT — Thurs. June 7, 2018

The U.S. has reached a deal to lift sanctions on Chinese telecommunications firm ZTE.

Commerce Secretary Wilbur Ross confirmed the agreement Thursday, saying his department will impose a one billion dollar penalty against the telecommunications giant.

The deal also forces ZTE to make changes to its management.

FILE- In this Feb. 26, 2014, file photo, a sign for the ZTE booth is seen at the Mobile World Congress, the world’s largest mobile phone trade show in Barcelona, Spain. The United States has reached a deal with the Chinese telecommunications giant that includes a $1 billion fine, according to Commerce Secretary Wilbur Ross. Ross, speaking on CNBC on Thursday, June 7, 2018. (AP Photo/Manu Fernandez, File)

Along with the fine, a U.S. selected compliance team will be added to the firm to monitor the company.

“They’re accepting having of this compliance team in, whole new management, whole new board, should serve as a very strong deterrent, not only for them, but for other potential bad actors,” said Secretary Ross.

The commerce secretary added, the deal also includes $400 million in escrow to cover any future violations.

Read the Full Story Here:

Ad Blocker Detected!

We have detected that you are using an ad blocker.
We do our best to keep our ads non-intrusive.
Would you please consider disabling the
ad blocker on our website?
Our advertisements are what help us keep the lights on.

Thank You!