Date: 5 months ago   Category: World business

ZTE admitted illegal deliveries of the American goods to Iran


The Chinese producer of smartphones and the telecommunication equipment of ZTE during judicial proceedings in the USA has admitted guilt in illegal deliveries of goods to Iran, Reuters reports. The company was accused of illegal deliveries of the American goods and the equipment without license of the government of the United States. Besides, managers of IT giant were convicted of perjury and preventing to justice. ZTE was succeeded to settle claims from the American authorities. One of conditions of the reached agreement is recognition of fault, the company also should pay a penalty for the sum of 892 million dollars. Besides, the producer is threatened by one more penalty for 300 million dollars if within seven years the agreement reached with the U.S. Department of Commerce is violated. At the beginning of January, 2017 sources of Reuters reported about plans of ZTE to dismiss about five percent of personnel (three thousand employees) in connection with introduction of the USA of sanctions against the company which will do much harm to production supply channels. In March of last year the USA has introduced export restrictions against ZTE because the corporation delivered production with use of the American technologies to Iran which is under the international sanctions. ZTE corporation — one of the largest producers of the telecommunication equipment in China. The controlling stake is owned by the Chinese government, the others address on the Hong Kong and Shenzhen stock exchanges. The net profit of the company for the first half of the year 2016 has made 1,77 billion yuans (about 260 million dollars).

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