It was recently revealed that ZTE is in the process of making a deal with the US administration to enable the company to resume business with US component manufacturers.
In a statement posted to Twitter, the US Commerce Department wrote, “Once ZTE has completed the $400 million escrow deposit, BIS will issue a notice lifting the denial order“.
The department continued, “The ZTE settlement represents the toughest penalty and strictest compliance regime the department has ever imposed in such a case. It will deter future bad actors and ensure the department is able to protect the United States from those that would do us harm”.
Other criteria for lifting the ban includes the payment of $1 billion worth of penalties, a shake-up of the company’s management structure and the hiring of a compliance team selected by US officials.
