USA companies suffer amid punitive ban against ZTE
27 April, 2018, 00:55 | Author: Sergio Cook
The Justice Department is investigating whether Huawei violated U.S. sanctions with regards to Iran, sources tell the WSJ, an action that could result in criminal charges for Huawei executives, and provide a killer blow for the company's ambitions in the U.S. and Europe.
Shares of several U.S. suppliers of ZTE slumped immediately after the U.S. Department of Commerce banned sales of components to ZTE for seven years for its alleged violations of the Export Administration Regulations.
"Every business with an global ambition must ensure it gives sufficient resource and focus to being aware of trade sanctions globally and ensuring compliance with them", he said.
Huawei, the third largest smartphone maker in the world, said that it complies with "all applicable laws and regulations where it operates, including the applicable export control and sanction laws and regulations of the UN, US and European Union". That includes chipsets from Qualcomm, and possibly even Android itself - two items at the core of ZTE's smartphone business. The New York Times last April reported the US Treasury's Office of Foreign Assets Control subpoena, issued in December 2016, following a Commerce Department subpoena that summer. Tariffs against Chinese manufacturers were also joined by actions against Chinese tech companies.
"We hope that the United States will not take actions that further harm investors' mood towards the business situation there".
With the development of internationalization, the company pledged to protect legitimate rights of shareholders and uphold responsibilities to hundreds of global clients, thousands of partners and suppliers and hundreds of millions of end users, Yin added. The company failed to comply with the punishment set forth by the U.S. Commerce Department and now is banned from receiving U.S. exports until March 2025. The US Senators have raised concerns against the spread of Chinese technologies in the US and have openly called them part of China's surveillance and counterintelligence mechanism. The move has not only dealt a heavy blow to ZTE, but may also threaten the development of industry value chains.
In April 2017, lawmakers sent another letter to Commerce Secretary Wilbur Ross asking for F7 to be publicly identified and fully investigated. The company is said to have been illegally exporting USA technology to North Korea and Iran, once caught, the company failed to discipline the staff members associated with the exports.
In March, ZTE agreed to pay a US$1.2 billion fine over its exports to Iran and North Korea, which are under global sanction, in exchange for the United States suspending a ban on USA technology sales to it.
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