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US reaches deal with ZTE for additional fines, removal of sanctions

( June 7, 2018, 13:41 GMT | Official Statement) -- MLex Summary: The US has reached a deal with Chinese telecom company ZTE to lift sanctions that prevent US technology companies from selling it products. The deal requires the company to undergo a change of management, pay a $1 billion fine and place another $400 million in escrow.The settlement also requires the company to pay for compliance officers that will be embedded in the company but who will report directly to the US Department of Commerce.Statement follows in full:...

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