On June 8, 2018, the U.S. Department of Commerce («BIS») approved the «SSA» repurchase agreement with ZTE. ZTE also entered into the following agreements in March 2017: (1) Plea`s agreement with the U.S. Department of Justice; (2) the BIS transaction agreement; and (3) Office of Foreign Asset Control (OFAC) Settlement Agreement. 商务工-全局 (BIS) 批准兴兴讯替协. 协以讯还于兴 签:1)法 – 认罪协-(2)BIS–协-(3) 外资产管理办室 («OFAC» 协) The new agreement, described by Minister Ross and officially closed by the BIS and ZTE on June 7, 2018 (and published on June 11, 2018), the BIS will impose its largest fine to date against non-U.S. dollars. Companies and will impose unprecedented compliance requirements. Under the new agreement, ZTE will have to pay an additional $1 billion in fines and pay $400 million separately into a receiver account before BIZ removes ZTE from the denied list and overturns the April 15 refusal decision. These penalties are separated and are in addition to the $892 million paid by ZTE in the March 2017 comparison, bringing the already record fines to a new record of $2.29 billion. If you have any questions about this or if we can help you navigate by navigating the effects of this Agreement on current or pending commitments with ZTE or DOC, please contact your lawyer Akin Gump or: The nature of the latest ZTE penalties continues to demonstrate the robust use of administrative authorities such as.
B the restraining order. , as powerful instruments to promote compliance with export controls, economic sanctions and comparisons with regulators. The replacement agreement also shows the significant consequences that companies that violate the terms of the transaction agreement with civil agencies, including senior executives and corporate boards, can have. On March 23, 2017, I signed a warrant (the «March 23, 2017 decision») on the terms and conditions of the transaction agreement entered into in early March 2017 between the Office of Industry and Safety, U.S. Department of Commerce («BIS») and Zhongxing Telecommunications Equipment Corporation, Shenzhen, China («ZTE Corporation»), and ZTE Kangxun Telecommunications Ltd., of Hi-New Shenzhen, China («ZTE Kangxun») («March 2017 Settlement Agreement») (the «March 2017» to remedy 380 violations of the Export Administration ( «regulations»), launch the printed page 34826 approved by ZTE and presented in the proposed royalty letter, attached to the March 2017 settlement agreement and included in the March 23, 2017 order.  On Thursday, June 7, 2018, U.S. Commerce Secretary Wilbur Ross announced that the government had reached a «final agreement» with Chinese telecommunications and information technology company Zhongxing Telecommunications Equipment Corporation , Shenzhen, China («ZTE Corporation») to modify and replace the current U.S. Department of Commerce (DOC) order.
The current denial order activated by the Doc Bureau of Industry and Security (BIS) on April 15, 2018 (April 15 against ZTE Corporation and ZTE Kangxun Telecommunications Ltd.