ZTE, a telecommunications company established in the People’s Republic of China, today agreed to pay a record-high combined civil and criminal penalty of $1.19 billion, pending approval from the courts, for violating U.S. sanctions by sending U.S.-origin items to Iran.
ZTE has agreed to enter a guilty plea, which is contingent on the court’s approval, and pay a fine in the amount of $287 million, and a criminal forfeiture in the amount of $143.5 million. The criminal fine represents the largest criminal fine in connection with an International Emergency Economic Powers Act (IEEPA) prosecution.
