Are you in compliance?

Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.


Status message

Start your free, no obligation 10-day trial to continue exploring with full access.

ZTE to pay combined $1.19 billion for violating U.S. trade sanctions

Jaclyn Jaeger | March 7, 2017

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.

The plea agreement also requires... To get the full story, subscribe now.