ZTE suspends trading on stock market following U.S. and United Kingdom bans

ZTE suspends trading on stock market following U.S. and United Kingdom bans

From January 2010 to March 2016, the company shipped $32 million in U.S. cellular network equipment to Iran, and made 283 shipments of cell phones to North Korea, with the full knowledge of the highest levels of company management, officials said.

The U.S. government announced Monday it is banning American companies from doing certain business deals with a Chinese tech giant for the next seven years. That ban stops United States companies from supplying ZTE with components, which could be devastating to a company that possibly gets between 25 and 30% of its parts from the US. Four senior managers and 35 members of staff were supposed to either be shown the door or had their bonuses removed, though the firm apparently paid the full amount to the nefarious employees further infuriating Ross. Commerce said the individuals were identified by a trail of internal memos within ZTE discussing how the company might evade USA restrictions on shipping to Iran.

Shares of big U.S. ZTE suppliers fell sharply on the Commerce ban.

As part of that legislative decision last year, ZTE also agreed that if it did not meet the terms of those conditions, it would forfeit its export privileges for seven years. Qualcomm declined to comment on the matter, while Acacia did not respond to an inquiry.

ZTE's innovative Axon M is unlike any smartphone you've ever used.

Dr Ian levy, the NCSC's technical director, has written to United Kingdom telecoms companies, Ofcom, and ZTE, and said (via Financial Times) "the use of ZTE equipment or services within existing telecommunications infrastructure would present risk to United Kingdom national security that could not be mitigated effectively or practicably".




The Commerce Department Denial Order also reversed the suspension of $300 million that was part of a $661 million civil penalty for its activities.

Mr Trump has repeatedly accused Beijing of "manipulating its currency", tweeting: "Russia and China are playing the Currency Devaluation game as the USA keeps raising interest rates".

The UK's national cyber-security agency has warned telecoms companies not to use equipment or services from China's ZTE, saying to do so would harm the country's national security.

In the UK, Huawei is a major supplier of networking equipment for fixed and wireless networks and is involved in 5G trials and Internet of Things (IoT) research.

It comes as ZTE allegedly broke an agreement after it was caught illegally shipping goods to Iran. "This egregious behavior can not be ignored", US Secretary of Commerce Wilbur Ross said.

"We can't trust what they are telling us is truthful", the official said. The inability to export components from the U.S.to build its carrier and cloud equipment would seriously impact ZTE as well.

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