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China's ZTE clears hurdle to lifting US ban, agrees to deposit $400 mn

The ban was imposed after ZTE broke an agreement reached after ZTE pleaded guilty in US federal court last year


The United States said on Wednesday that it signed an agreement with ZTE Corp that paves the way for the Chinese tech company to resume operations after a nearly three-month ban on doing business with American suppliers. The ban on China's No 2 telecommunications equipment maker will be removed once the company deposits $400 million in an escrow account, the US Commerce Department said in a statement announcing that an escrow agreement had been signed. The ban, which was imposed in April and caused ZTE to cease major operations, has been a source of friction between ...

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First Published: Thu, July 12 2018. 07:16 IST