China-based Technology company ZTE has described the 7-years ban slammed on it by the US Commerce Department as “extremely unfair”.
The Chinese telecom giant has, therefore, asked the US government to lift the ban, as the embargo is a potential threat to the company’s survival. This is even as the ban has also raised tension between Washington and Beijing.
A US investigation, carried out in 2017, revealed that the Chinese company shipped telecommunication equipment to blacklisted countries, violating sanctions against Iran and North Korea For this breach, ZTE had agreed to pay $1.2 billion fine last year.
According to the Commerce Department, ZTE had lied about its reactions to employees who had engaged in this illegal deal and, to worsen matters, ZTE had paid full bonuses to the offenders, instead of punishing them.
ZTE, however, said, in a filing on Sunday, that it had submitted a request for a stay of the export ban to the commerce department and also asked a high US delegation to reconsider the ban during trade talks which took place in Beijing last week.
Photo Credit: Nikkei Asian Review
