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ZTE accused of sending U.S. products to Iran

Joe Mont | March 24, 2017

ZTE, a multinational telecommunications equipment and systems company has admitted it conspired to violate the International Emergency Economic Powers Act by “illegally shipping U.S.-origin items to Iran, obstructing justice and making a material false statement,” according to the Justice Department.

Specifically, ZTE pleaded guilty to one count of conspiring to unlawfully export in violation of the IEEPA, one count of obstruction of justice and one count of making a material false statement. The company agreed to pay a fine in the amount of $286,992,532 and a criminal forfeiture in the amount of $143,496,266, and submit to a three-year period of corporate probation, during which time an independent corporate compliance monitor will review and report on its export compliance program.

The company simultaneously reached settlement agreements...

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