U.S. Secretary of Commerce Wilbur Ross confirmed to CNBC that the U.S. government has reached an agreement with ZTE to lift the crippling supply ban imposed on April 16. ZTE will have to pay a $1 billion penalty, change its board and executive team within 30 days, and accept to embed a “compliance team” from the U.S. government within its organization.
“We are literally embedding a compliance department of our choosing into the company to monitor it going forward. They will pay for those people but the people will report to the new chairman,” Ross said.
ZTE will also need to place $400 million in escrow to cover any potential future regulation violations. “This should serve as a very good deterrent not only for them but for other potential bad actors,” Ross said.
This is a developing story.
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