LONDON/HONG KONG/NEW YORK/WASHINGTON ¨C The U.S. Department of Commerce on Friday lifted a ban on U.S. companies selling goods to ZTE Corp., allowing China¡¯s second-largest telecommunications equipment-maker to resume business.
The Commerce Department removed the ban shortly after ZTE deposited $400 million in a U.S. bank escrow account as part of a settlement reached last month. The settlement also included a $1 billion penalty that ZTE paid to the U.S. Treasury in June.
¡°The department will remain vigilant as we closely monitor ZTE¡¯s actions to ensure compliance with all U.S. laws and regulations,¡± Commerce Secretary Wilbur Ross said in a statement that described the terms of the deal as the strictest ever imposed in such a case.
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