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U.S. reveals ZTE settlement details, ban still in place

Reuters  |  WASHINGTON 

By Karen FreifeldWASHINGTON (Reuters) - ZTE Corp's settlement with the U.S. Commerce Department that would allow China's No. 2 telecommunications equipment maker to resume business with U.S. suppliers was made public on Monday, days after the company agreed to pay a $1 billion fine, overhaul its leadership and meet other conditions.But the ban on buying U.S. parts, imposed by the department in April, will not be lifted until the company pays the fine and places $400 million more in escrow in a U.S.-approved bank, the agency said.ZTE did not immediately respond to requests for comment on ...

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First Published: Tue, June 12 2018. 04:54 IST