U.S. Imposes $1.19 Billion in Penalties on Chinese Company for Economic Sanctions and Export Control Violations

On March 7, 2017, Zhongxing Telecommunications Equipment Corporation, headquartered in the People’s Republic of China (“PRC”), along with its subsidiaries and affiliates (collectively, “ZTE”) entered into settlement agreements with the U.S. Department of Commerce, Bureau of Industry and Security (“BIS”); U.S. Department of the Treasury, Office of Foreign Assets Control (“OFAC”); and U.S. Department of Justice (“DOJ”) to resolve civil and criminal violations of U.S. economic sanctions and U.S. export control regulations.