ZTE Given Temporary Reprieve From US Government | North Korea

The raft of new appointments comes less than a week after ZTE replaced its board of directors, fulfilling another part of the deal it made with the US government.

ZTE has promised to change its top management within 30 days of agreeing a $1.4 billion settlement with USA authorities in June. The statement confirmed a notice issued by BIS earlier this week. Previously, Xu served as the CEO of ZTE's German operation, at a time when the Chinese company signed a five year service contract with German telecoms operator E-Plus, displacing the previous provider Alcatel-Lucent. The US imposed the ban against the Chinese company earlier this year, saying that it failed to comply with punitive measures imposed after allegations of lying about equipment sold to Iran and North Korea.

ZTE previously pleaded guilty and agreed to pay a $1 billion penalty in March 2017 for having shipped equipment to Iran and North Korea in violation of US sanctions. It also agreed to replace its board, remove all members of its leadership at or above senior vice-president level along with any executives associated with the wrongdoing, within 30 days.

Under the reprieve, ZTE will be allowed to conduct business with American companies to maintain existing telecom networks and mobile phones and to support security features, according to the department's order.

To comply with the USA deal, the company was required to reprimand 35 high-ranked officers, including a total overhaul of the board of directors. It seems as the company has also named a new chief technology officer, new head of human resources, chief monetary officer and chief expertise officer. Li Zixue was appointed the new chairman while the previous board led by Chairman Yin Yimin resigned. Analysts have also said it would take time for ZTE to rebuild market confidence even after the ban is lifted.

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