ZTE chairman apologizes after agreeing to pay $1 billion fine to US

ZTE chairman apologizes after agreeing to pay $1 billion fine to US

China's ZTE Opposes US Trade Ban

ZTE chairman Yin Yimin reportedly apologized to the corporate’s employees and clients in a memo on Friday.


ZTE’s chairman apologized to employees and clients in a memo on Friday after the Chinese Telecom big made a deal to pay $1 billion to 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┬áblamed 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 ZTE violated terms of its 2017 settlement by 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 till President Donald Trump tweeted that he needed the Commerce Department to work on getting the ban lifted.

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