Print Edition - 2017-03-09  |  Money Digest

China’s ZTE fined $1.2 billion in US

- AFP, HONG KONG

Mar 9, 2017-

Shares in Chinese telecom giant ZTE jumped more than six percent in Hong Kong Wednesday after a year of uncertainty over its US business ended with a $1.2 billion fine. US officials said Tuesday the firm would immediately pay a fine of $892 million for flouting US sanctions by shipping to Iran and North Korea. It would be subject to another $300 million in penalties if it violates the terms of the settlement, in what amounts to the largest criminal penalty in US history in an export control case. The US had imposed trade restrictions on the telecommunications equipment giant in 2016 over the violations. Export privileges for the company are subject to denial for seven years.

Published: 09-03-2017 09:48

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