By John Lee.
Chinese telecom equipment maker ZTE Corp has pleaded guilty to conspiring to violate U.S. sanctions by illegally shipping U.S. goods and technology to Iran.
The guilty plea was part of an agreement the company reached earlier this month with U.S. authorities that also called for nearly $900 million in fines and other penalties.
Shenzhen-based ZTE, which devised elaborate schemes to hide the illegal activity, agreed to the guilty plea after the U.S. Department of Commerce took actions that threatened to cut off the company’s global supply chain.
(Source: Reuters, Bloomberg)