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ZTE to USA: Sure, ban us, but you can not afford such victories
May 25 2018, 02:51 | Alonzo Simpson
"The denial order not only severely put the survival of ZTE in danger, it also hurts the interests of all the partners of ZTE, including a large number of American companies", added ZTE.
The ZTE has extensive trade and investment cooperation with hundreds of United States companies, creating tens of thousands of jobs in the U.S., the spokesperson had said. It also noted the USA agency that conducted the investigation imposed the new ban "even before the completion of investigation of facts, ignoring the continuous diligent work of ZTE and the progress we have made on export compliance". That means that firms in the US can not provide the Chinese tech giant with software or components.
ZTE says that the ban will impact the "survival and development" of ZTE, which is easy to believe since the ban would prevent ZTE from using materials like mobile processors from Qualcomm and other parts from the likes of Intel and Dolby.
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ZTE statement insists that the company prioritizes compliance as the cornerstone of its strategy, citing an investment of $50 million in export control compliance projects in 2017 and plans to invest more this year.
It eventually pleaded guilty at the time, agreeing to pay $900 million in fines for violating usa sanctions. ZTE had promised to dismiss four senior employees and discipline 35 others involved in the trade violation by either reducing their bonuses or reprimanding them. Seven years is certainly severe, given that USA -based companies make north of a quarter of the components used in the company's handsets, according to estimates. ZTE said that they created several compliance teams (some led by the CEO) and hired external consultants to formulate training, operations, and procedures to ensure that their products won't be sold to embargoed nations. Indeed, the South China Morning Post reports that Cheng Gang, ZTE's chief compliance officer and chief legal officer, has been removed from those roles as a result of its failings.
ZTE said it will "work to resolve the issue through communication, and we are also determined, if necessary, to take judicial measures to protect the legal rights and interests of our company, our employees and our shareholders, and to fulfill obligations and take responsibilities to our global customers, end-users, partners and suppliers". ZTE chairman Yin Yimin said in a separate internal memo to employees that the company has set up a crisis management team and appealed for calm among its 80,000-strong staff.