WATCH: The Biggest Trade Penalty Ever - Global Trade Magazine
  March 8th, 2017 | Written by

WATCH: The Biggest Trade Penalty Ever

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  • Chinese telecommunications firm to pay $1.19 billion for shipping telecommunications equipment to Iran and North Korea.
  • The largest fine and forfeiture ever levied by the US government in an export control case.

Secretary of Commerce Wilbur L. Ross, Jr. announced yesterday that ZTE, a Chinese telecommunications concern, has agreed to a record-high combined civil and criminal penalty of $1.19 billion, after illegally shipping telecommunications equipment to Iran and North Korea in violation of US law.

ZTE has agreed to pay a penalty of $661 million to Commerce’s Bureau of Industry Security (BIS), with $300 million suspended during a seven-year probationary period to deter future violations.  If the criminal plea is approved by a federal judge, the combined $1.19 billion in penalties would be the largest fine and forfeiture ever levied by the US government in an export control case.


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