U.S. Extends Monitor Term on China’s ZTE for Violating Probation By Investing.com

U.S. Extends Monitor Term on China’s ZTE for Violating Probation

Stock MarketsOct 04, 2018 12:29AM ET

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U.S. Extends Monitor Term on China’s ZTE for Violating Probation

Investing.com - U.S. Judge Ed Kinkeade in Dallas issued an order that said China’s ZTE Corp (HK:0763) violated probation imposed last March for attempting to evade U.S. sanctions, and extended its monitor term under U.S. export control laws till 2022. ZTE announced the probation changes on Thursday morning in Hong Kong.

The monitorship was originally scheduled to end in 2020, after the mobile phone company pleaded guilty for conspiring to evade U.S. sanctions by shipping American goods and technology to Iran. The U.S. Commerce Department said the company made false statements about disciplining 35 staff involved in the shipping of U.S.-origin goods to Iran.

ZTE halted operations after the ban was ordered in April, and resumed business in July after paying a $1 billion penalty, putting $400 million in escrow, installing a new board and senior management and being under a new monitor for a decade.

The share prices of ZTE have not been affected by the new order so far, as the H-share of the company rose 0.71% to HK$14.18 at 11:57PM ET (03:57GMT) on Thursday.

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U.S. Extends Monitor Term on China’s ZTE for Violating Probation

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