[Introduction]: The latest news, the US Department of Commerce and ZTE reached an agreement to determine a fine of 14 dollars, and replaced the management, this time really reconciled, for ZTE is a good thing.
US Commerce Secretary Wilbur Ross said in an interview with CNBC that the United States has reached an agreement to allow ZTE to resume operations after paying high fines and agreeing to reorganize its management. "We still reserve the power to let it close again," he said in an interview on June 7. He said that the US Department of Commerce will fine the company $1.4 billion to "replace" the Ministry of Commerce's April 7-year ban on ZTE. This is the highest amount of fines ever issued by the US Department of Commerce.
Under the roar of the two parties in the US Congress, US Secretary of Commerce Ross announced the above news when he was interviewed by the US media earlier. The Ministry of Commerce subsequently announced the press release. According to the press release, of the $1.4 billion, of which $400 million will be used as a guarantee, and ZTE will pay the $1.4 billion fine before it can lift the ban.
The China Taiwan United Daily reported that ZTE had been fined 892 million U.S. dollars in March last year. ZTE’s penalties for US violations of US laws and regulations totaled nearly $2.3 billion. According to the latest financial report released by ZTE, 2017 revenue was 108.8 billion yuan (about 170.29 billion US dollars), and net profit was 4.554 billion yuan (about 712 million US dollars).
In his statement, Ross pointed out that the United States will continue to closely monitor ZTE's behavior. If ZTE has any irregularities, the United States will once again issue a lock-up order against ZTE and confiscate a $400 million guarantee. Ross also said that the United States will arrange "your own compliance personnel" to supervise ZTE.
The U.S. Department of Commerce stressed that the reconciliation between the United States and ZTE is to "replace" the previous ban on sanctions, which is also the official "most strict" penalty for a company.
In addition to the sky-high ticket, ZTE must also replace the entire board of directors and senior management, and select a new team that meets the requirements of the United States, and in the next 10 years, should be able to respond to the Ministry of Commerce's inquiry. The Ministry of Commerce pointed out that this is an "instant monitoring" of ZTE, which can ensure effective law enforcement, and if there is any recidivism in ZTE within 10 years, the United States will once again punish the ban.
ZTE’s exports of products containing US technology and parts to North Korea and Iran last year were punishable by the Ministry of Commerce for failing US regulations. The first penalty paid $892 million, but ZTE followed the rules and was arrested in April 2018. The United States has issued a seven-year ban on sales.
Just after Chinese President Xi Jinping called the US President Trump, Trump immediately asked the Ministry of Commerce to understand other alternatives to US regulations, although Congress tried to stop it, but Trump spoke for ZTE, the Ministry of Commerce. The Chinese side immediately negotiated, and within two months, ZTE and the US Department of Commerce reached another settlement.
But this reversal still needs to be approved by Congress before it can take effect. Chuck Schumer, the leader of the US Senate Democratic Party, publicly stated that reversing the handling of ZTE requires the approval of Congress.
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