© Reuters. ZTE HAS SIGNED A PROVISIONAL AGREEMENT WITH THE USA
by Karen Freifeld
(Reuters) – ZTE has signed an agreement in principle that would lift the ban served to american companies to sell products, reported on Tuesday sources close to the matter.
The oem telecom of china has had to suspend most of its operations since the ban of seven years was imposed on him in April for illegally shipped products in Iran and North Korea.
James Rockas, a spokesperson for the department of Commerce, said that”no definitive agreement has been signed by both parties”.
ZTE has not responded within the immediate solicitation of comments.
This agreement in principle provides that a fine of a billion dollars (854 million euros) will be imposed on ZTE and that a sum of $ 400 million will be placed in an escrow account if further offences were committed, said the sources, adding that the terms were in line with what Reuters had given Friday.
Counting the $ 361 million already paid, in accordance with the regulations as amended last year, the total penalty reaches $ 1.7 billion (1,46 billion euro), have even said the sources.
The agreement in principle also provides that ZTE is replacing its board of directors and its management team in 30 days.
The american companies provide 25% to 30%, it is believed, of the components of the equipment manufactured by ZTE, smartphones and network equipment of telecommunications.
(Wilfrid Exbrayat for the French service)