Chinese tech company ZTE Corp. has completed its payment of a $1 billion fine to the United States government, media reported on Friday citing an unnamed official from the Commerce Department.
The source added that ZTE will put additional $400 million in an escrow account in the following days, as a means of deterring the firm from breaching trade rules in the future. After that, the US denial of export, which was imposed due to alleged violations of the trade embargo against Iran and North Korea, would be lifted.
Earlier in June, ZTE agreed to pay the $1 billion fine and replace its entire board, together with installing a monitoring board picked by the US. Washington's denial of export had a disastrous effect on the firm, causing it to temporarily shut down its operations. US President Donald Trump personally discussed the issue with Chinese counterpart Xi Jinping in order to salvage the company which employs around 75,000 people.
