By John Lee.
Chinese telecom giant ZTE Corporation (Zhongxing Telecommunications Equipment Corporation) has agreed to plead guilty to charges that it shipped US-made equipment to Iran and North Korea, and has been fined $1.1 billion.
The equipment included routers, microprocessors and servers controlled under export regulations for “security, encryption… and/or anti-terrorism reasons“.
Steven T. Mnuchin, US Secretary of the Treasury, said:
“Today’s settlement is OFAC’s largest ever against a non-financial entity and sends a powerful message that Treasury will aggressively pursue any company that willfully violates U.S. economic sanctions laws and obstructs federal investigations of such violations.”