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ARTICLE · 24 MARCH 2017

Settlements In Brief: ZTE Settles Economic Sanctions And Export Control Violations

De Brauw Blackstone Westbroek
De Brauw Blackstone Westbroek
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De Brauw Blackstone Westbroek

De Brauw Blackstone Westbroek

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This month, a combined settlement was reached with one of China's biggest manufacturers of telecom equipment, Zhongxing Telecommunications Ltd. (ZTE).

NetherlandsInternational Law
Roan Lamp
Roan Lamp
Patrick Ploeger
Patrick Ploeger
Marnix Somsen
Marnix Somsen
Rick Van ’T Hullenaar
Rick Van ’T Hullenaar
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This month, a combined settlement was reached with one of China's biggest manufacturers of telecom equipment, Zhongxing Telecommunications Ltd. (ZTE). The settlement consists of a combined USD 1.19 billion fine, with ZTE's plea agreement still waiting for court approval. The overall settlement includes:

  • a guilty plea of ZTE and a USD 430,488,798 fine payable to the US Department of Justice (DOJ) for conspiring to violate the US International Emergency Economic Powers Act (IEEPA), obstruction of justice and making material false statements;
  • a fine of nearly USD 101 million for 251 violations of the US-Iranian Transactions and Sanctions Regulations (ITSR) payable to the Office of Foreign Assets Control (OFAC) of the US Department of Treasury; and

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