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ZTE Pleads Guilty to Violating Sanctions on Iran Tech Sales

  • China firm re-sold network gear to Republic of Iran, U.S. says
  • Unusual provision allows firm to avoid sharing ‘state secrets’
Bloomberg business news

ZTE Allegedly Violated U.S. Laws With Iran Tech Sales

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ZTE Corp. pleaded guilty as part of an agreement to pay as much as $1.2 billion to resolve allegations that the Chinese company violated U.S. laws restricting the sale of American technology to Iran.

The company agreed to pay $892 million in fines and forfeitures and be subject to an additional $300 million in penalties if it violates the terms of the settlement. A federal judge in Dallas accepted and approved the plea deal on Wednesday.