USA reaches deal with China's ZTE, says Wilbur Ross

ZTE has been banned from purchasing sensitive technology from the US over its illegal sales to Iran and North Korea

The sources told Reuters that ZTE would also have to post calculations of these components to a public website and replace its board and executive team within 30 days.

ZTE will have to pay a $1B penalty plus put $400M in escrow to cover future violations and embed a US-picked compliance team. The agreement is also expected to call for other concessions from ZTE, including new board members and increased US oversight of its business.

The Commerce Department plans to amend its settlement agreement from previous year and count the $US361 million ZTE paid as a part of that, allowing the United States to claim a total penalty of as much as $US1.7 billion, sources said.

The US had previously blocked ZTE's access to US suppliers, saying the company had violated a sanctions settlement. An agreement that allows the crippled company to reopen was seen as a key Chinese demand as the world's two largest economies try to avoid a trade war that could undermine global growth.

Last month, President Trump said he was prepared to rescind the ZTE export ban. The U.S. also needs China's help negotiating the denuclearization of North Korea ahead of a June 12 summit between President Donald Trump and North Korea's Kim Jong Un.

Читайте также: White House to impose 25% tariff on $50bn worth of Chinese goods

The company has closed major operations since early May and the ban has featured prominently in bilateral trade talks between China and the US.

Officially, a U.S. Commerce Department spokesperson said that no definitive agreement between the agency and ZTE has been signed. It has a small but rising share of the smartphone business in the US. While it did fire the four employees, the company admitted to making false statements about the others, handing out full bonuses. This comes on top of the $361 million ZTE had already paid under the original settlement. The company was allowed continued access to the U.S. market under the 2017 agreement. The visits would verify that ZTE is using USA components as they have agreed.

Acacia Communications shares are up 4.9%.

Shares of Acacia and Oclaro extended their gains on Tuesday in heavy trading after news of the preliminary deal, ending up 1.7 percent and 1.8 percent, respectively.

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