After suspending operations around the world following a ban by the US government, ZTE South Africa is back in business, the Chinese telecommunications equipment company said on Monday.
“The recent US ban led to the corporation suspending business operations across the globe including in South Africa,” it said. ZTE reached a settlement with the US department of commerce on 7 June, with the “denial order” against it lifted on 15 July.
The US imposed a moratorium on ZTE in April as punishment for violating Iranian and North Korean export sanctions, then lying about it, Bloomberg reported. In return for lifting the ban, ZTE forked over US$1.4-billion in penalties, replaced its entire board and agreed to let the US appoint compliance overseers to monitor its business.
“The company has implemented all of the compliance requirements and was operating within hours of the lifting of the ban, at full capacity, with a brand-new board of directors and global executive management team,” it said in Monday’s statement.
“ZTE confirms that research and development, under the guidance of the denial order, did not impact R&D schedules or future business. Moreover, ZTE and all its South African customers and alliance partners have resumed full business activities.” — © 2018 NewsCentral Media