ZTE’s chairman apologized to employees and clients in a memo on Friday after the Chinese Telecom bigto the US.
The deal, which was made to have a US ban lifted, requires the corporate to overhaul its administration and permit a US-chosen compliance staff to be put in for 10 years.
Chairman Yin Yimin wrote a memo to employees saying ZTE will return to enterprise as quickly as potential, and maintain accountable these answerable for the violation that led to the ban, an organization supply told Reuters.
“This issue reflects problems that exist with our firm’s compliance culture and at management level,” he wrote, in accordance to Reuters’ supply.
Yin blamed the incident on a number of firm leaders and workers, noting that the corporate paid a “disastrous price” for a ban that resulted in “huge losses for the company.”
ZTE didn’t instantly reply to a request for remark.
The US ban got here in May, after the federal government decided that ZTEby its failure to hearth workers who illegally shipped US gear to Iran and North Korea.
With the ban in place, ZTE shut down most of its operations tillthat he needed the Commerce Department to work on getting the ban lifted.