Tuesday, 16 October, 2018

ZTE Stops Major Operations Following US Export Ban

Denis O’Brien-owned Digicel said much of its ZTE-related infrastructure roll-out was already complete Denis O’Brien-owned Digicel said much of its ZTE-related infrastructure roll-out was already complete
Doris Mccormick | 12 May, 2018, 15:46

According to the U.S. Government, the step was taken because the company had failed to comply with a settlement related to ZTE shipping U.S. -made goods to Iran in violation of U.S. sanctions.

ZTE "maintains sufficient cash and strictly adheres to its commercial obligations subject to compliance with laws and regulations", it said in the statement issued to the Hong Kong stock exchange.

United States authorities imposed the penalty after discovering that Shenzhen-based ZTE had misled regulators involving the illegal shipments to North Korea and Iran.

ZTE paid over US$100 million each to Qualcomm Inc, Broadcom Inc, Intel Corp and Texas Instruments, the official said.

At the time, ZTE Corp issued a statement claiming that the US ban will severely impact its survival and now it seems that the company is really finding it hard to survive this ban.

The sanction relates to an investigation into ZTE's alleged sale of telecommunications equipment containing U.S. components to Iran in violation of USA sanctions imposed on the country.

Earlier, ZTE had pleaded guilty to the original charges and agreed to pay US$892 million in fines.

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A U.S. delegation travelled to Beijing last week to discuss the brewing trade conflict with their Chinese counterparts.

American companies are estimated to provide 25 per cent to 30 per cent of the components used in ZTE's equipment, which includes smartphones and gear to build telecommunications networks, analysts noted.

As a result of the ban, the Shenzhen-based group will be unable to access Qualcomm processors and Android devices with Google Mobile Services software.

None of the other companies could immediately be reached for comment. ZTE provides services for 100 million users in India, 300 million users in Indonesia, and 29 million users in Italy, the official said.

On Friday, Asia Times reported that the group might sell-off its successful smartphone business, according to the online site AAStocks Financial News with potential buyers including domestic rivals Huawei, Oppo and Xiaomi.

Others, meanwhile, indicated they continued to evaluate the impact of the ban and subsequent shutdown, including AT&T, the top distributor of ZTE phones in the USA, and South African telecom giant MTN.

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