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China's ZTE apologises after paying 'disastrous price' in U.S. sanction case

Reuters  |  HONG KONG/SHENZHEN, China 

By Sijia Jiang and Sue-Lin WongHONG KONG/SHENZHEN, China (Reuters) - The chairman of ZTE Corp apologised to staff and customers on Friday after the Chinese technology firm agreed to pay a $1 billion fine to the United States to end a supplier ban that has crippled its business.The deal allows China's second-largest telecoms equipment firm to restart operations, reaffirm supplier relationships and rebuild trust with global clients, as it works to move on from an episode which it said threatened its very existence.But industry experts estimate it would take at least a month for ZTE to ship ...

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First Published: Fri, June 08 2018. 16:12 IST