Chinese tech company ZTE may pay a $1.7 billion fine to avoid sanctions on working with US firms

Thomson Reuters

• ZTE has signed an agreement in principle allowing the US government to claim up to $1.7 billion in penalties from the Chinese firm.
• In return the US Commerce Department would lift its sanctions that prevent ZTE buying from US suppliers.
• As part of the deal, sources said, ZTE promised to replace its board and executive team in 30 days.

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(Reuters) - ZTE Corp has signed an agreement in principle that would lift a U.S. Commerce Department ban on buying from U.S. suppliers, allowing the Chinese telecommunications equipment maker to get back into business, according to sources familiar with the matter.

ZTE ceased major operations in May and has been on life support since the seven-year ban was imposed in April, after it broke a 2017 agreement by illegally shipping goods to Iran and North Korea.

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