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China's ZTE chairman apologises, pledges reboot after U.S. reprieve - source

Reuters  |  HONG KONG 

HONG KONG (Reuters) - The of China's Corp apologised to staff and customers on Friday after the firm agreed to pay a $1 billion fine to the to end a crippling ban that had brought the firm to its knees.

China's No. 2 also agreed on Thursday to overhaul its leadership in exchange for the lifting of a ban on buying parts from U.S. suppliers.

In a memo sent to staff, apologised to clients, shareholders and partners and said the firm would look to learn from its errors and hold those responsible accountable, a company source said.

"This issue reflects problems that exist with our firm's compliance culture and at management level," Yin wrote, according to the source, adding the incident was caused by the mistakes of a few leaders and employees.

(Reporting by in HONG KONG; Writing by Jourdan; Editing by Stephen Coates)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, June 08 2018. 12:24 IST