PressTV-US to claim $1.7bn penalty from China’s ZTE

The administration of US President Donald Trump is reportedly planning to seek a penalty of $1.7 billion from China’s telecommunications major ZTE Corporation.

The move – as revealed by people familiar with the matter – would be meant to punish and tighten control over the company before allowing it back into business. 

Reuters said in a report that the US Commerce Department would also seek “unfettered site visits” to verify US components are being used as claimed by ZTE.

One source was also reported as saying that Washington also wanted the Chinese company to replace its board and executive team as soon as 30 days.

Nevertheless, a deal still had not been finalized and the sources cautioned that the

penalties were fluid and the terms could change, Reuters added.

ZTE has been crippled by a ban imposed in April on buying US technology components for seven years for breaking an agreement reached after it was caught illegally…

Read more