{ "error": "", "type": "text", "title": "Secretary Ross Announces $1.4 Billion ZTE Settlement; ZTE Board, Management Changes and Strictest BIS Compliance Requirements Ever", "slug": "secretary-ross-announces-1-4-billion-zte-settlement-zte-board-management-changes-and-strictest-bis-compliance-requirements-ever", "text": "
\"Secretary of Commerce Wilbur Ross <\/strong>today [June 7, 2018] announced that Zhongxing Telecommunications Equipment Corporation, of Shenzhen, China (\u201cZTE Corporation\u201d) and ZTE Kangxun Telecommunications Ltd. of Hi-New Shenzhen, China (\u201cZTE Kangxun\u201d) (collectively, \u201cZTE\u201d) has agreed to severe additional penalties and compliance measures to replace the U.S. Commerce Department\u2019s Bureau of Industry and Security (BIS) denial order imposed as a result of ZTE\u2019s violations of its March 2017 settlement agreement. Under the new agreement, ZTE must pay $1 billion and place an additional $400 million in suspended penalty money in escrow before BIS will remove ZTE from the Denied Persons List. These penalties are in addition to the $892 million in penalties ZTE has already paid to the U.S government under the March 2017 settlement agreement.\"<\/p>", "quote": null, "citation": "