Pay $892 million! ZTE reached a settlement with the US government
On the evening of March 7, ZTE announced that it had reached a settlement with the US government on the US government export control investigation case.
The signing of the agreement between ZTE and the US Treasury’s Office of Overseas Assets Control will take effect, and the agreement with the US Department of Justice will be effective after approval by the North District Court of Texas. The court's approval of the agreement with the US Department of Justice is a prerequisite for the US Department of Commerce's Bureau of Industry and Security (BIS) to issue its order with ZTE.
As part of the settlement agreement, ZTE agreed to pay a fine of $892 million in criminal and civil penalties. In addition, a $300 million fine was imposed on the US Department of Commerce's Bureau of Industry and Security. Whether or not to pay depends on the company's compliance with the agreement for the next seven years and continues to accept independent compliance monitoring and auditing.
Zhao Xianming, chairman and CEO of ZTE Corporation, said: "ZTE acknowledges that it is in violation of US export control laws and regulations and is willing to assume corresponding responsibilities. The company will continue to actively commit to change, and has developed a new compliance process and major personnel adjustments. We have learned a lot from this experience and will strive to be a model of export control compliance governance, and we are committed to building a new, compliant, healthy and trustworthy ZTE."
In March last year, the US Department of Commerce imposed export restrictions on ZTE, prohibiting domestic component suppliers from exporting components, software, equipment and other technical products to ZTE, because it is suspected of violating US export control policies against Iran.
Although the amount of fines is large, it has not affected the overall development of ZTE. According to the financial report, from January to September 2016, ZTE achieved operating income of 71.56 billion yuan, a year-on-year increase of 4.44%, and net profit increased by 9.78%.
The reconciliation also means removing a major "obstruction" in the development of internationalization, which is undoubtedly good news for the follow-up development of ZTE.
Zhao Xianming said: "The settlement with the US government will enable ZTE to gain a more solid foundation for future development. We thank all customers, partners, employees and stakeholders who support us in the most difficult times. With the signing of the settlement agreement and the establishment of a sound compliance system, we are confident to continue to cooperate with all partners including customers and suppliers to achieve business growth, continue to provide innovative technical solutions, and implement our development strategy. Create a new ZTE."
It is understood that Zhao Xianming was appointed as the chairman and CEO of ZTE in April 2016. Some adjustments began after taking office, including the establishment of a new compliance management committee. ZTE has established a new compliance management committee led by the CEO to make major changes to the company's systems and processes, and to strengthen the emphasis and support for compliance management.
In addition, the Legal and Compliance Management Department was reorganized. ZTE separates the compliance function from the legal department, establishes an independent compliance management department, increases compliance professionals, and ensures the independence of the compliance department. Appointed an American attorney as the Chief Export Compliance Officer to oversee and advance the continued development and improvement of the global export control compliance system.
It is understood that at the World Mobile Communications Conference just concluded last week, ZTE released a full range of 5G high and low frequency pre-commercial base station products, and said that it will start commercial pre-deployment of 5G in the third quarter of 2018, the first quarter of 2019. Achieve 5G scale commercial deployment.
At present, ZTE has signed 5G strategic cooperation agreements with Deutsche Telekom, Telefonica, Japan Softbank, Korea KT, China Mobile (microblogging), China Unicom (microblogging), China Telecom (microblogging) and other operators.
"ZTE has established a good partnership with many US suppliers and provided nearly 130,000 high-tech jobs. As we continue to improve efficiency in operations and strengthen innovative leadership on 5G, ZTE is expected to achieve Good overall performance. With the support of global partners, the company expects to continue to grow and expand its business in the next few years,†said Zhao Xianming.
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