According to Reuters, ZTE has ceased all major operations following the USA export ban it faces, following a failure to have the ban reversed or modified. ZTE had settled its sanctions case with the United States with a record $900 million fine, but the U.S. reactivated sanctions last month after the company allegedly violated settlement terms. That said, the American government now believes that ZTE lied and the majority of its employees weren't formally reprimanded until earlier this year - contrary to what was stated in the denial order issued by the U.S. Department of Commerce.
ZTE said it maintains sufficient cash and will strictly adhere to its commercial obligations.
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The ban that threatens to cut off ZTE's supply chain came amid heightened tension over a possible U.S. The company agreed to pay out a fine for those actions and said that it would discipline the company officials behind the plan to violate the USA laws. The company's false statements were reported to the USA government after the Bureau of Industry and Security requested documentation showing proof that employee discipline had occurred. The company is the fourth largest smartphone vendor in the states with a 9.5% market share. -China trade war. The Chinese government raised the issue of ZTE last week with a visiting US trade delegation. ZTE got to this place by selling goods and services to Iran and North Korea, which violated US sanctions.
ZTE appears to have suspended its online stores on its own website as well as on Alibaba Group's e-commerce platform Taobao over the past few days, which display a "page being updated" message with no products to order.
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Chinese telecommunications company ZTE has stopped major business operations, it has revealed, as a outcome on the USA ban on selling components to the maker. The employee, who declined to be named, said business trips had been halted.
The company announced the move in a securities filing on Wednesday. Another said he hoped the Chinese government would help, saying he was confident President Xi Jinping would "sort out this trouble". A request for suspension of the ban has been submitted last Sunday.
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