U.S slaps China’s ZTE US$1.2b for violating Iran, N Korea sanctions

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WASHINGTON: The US government has slapped more than US$1 billion in fines on Chinese telecom giant ZTE for violations of US export controls for selling goods to Iran and North Korea, officials announced on Tuesday (Mar 7).

It is the largest criminal penalty in US history in an export control or sanctions case, government officials said. The company will pay US$892 million, while another US$300 million in penalties are suspended for seven years.

ZTE agreed to plead guilty to three charges, including obstructing justice for hiding information from government investigators, the officials said.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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