Chinese phone maker ZTE has agreed to plead guilty on charges of violating U.S. sanctions restricting the sale of American technology to Iran and North Korea, and lying about it to investigators. It will pay $892 million in fees, effectively wiping out about two years of the company’s net profits.According to a report by the Wall Street Journal, ZTE’s penalties targeted the firm’s practice of acquiring American technology and reselling it in the form of ZTE equipment to Iran and North Korea over a six-year period between 2010 and 2016.The report cited the U.S. Justice Department’s national security division lead Mary McCord as saying, that “the highest levels of management within the company approved the scheme” to violate U.S. sanctions, and said ZTE “repeatedly lied to and misled federal investigators.”ZTE sold nearly 62 million smartphones in 2016. The company is China’s third largest phone maker by global unit sales after Huawei and BBK (whoch markets phones under the brands Oppo, vivo and OnePlus).
Källa: ZTE agrees to pay $892 million for violating US sanctions, wiping out 2 years of profits
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