The Wall Street Journal: ZTE pleads guilty to violating Iran sanctions, will pay $892 million

Chinese telecommunications giant ZTE Corp. has agreed to pay $892 million in fines and plead guilty to violating U.S. sanctions on Iran and obstructing justice, ending a five-year probe that has raised trade tensions between the U.S. and China.

The penalties, among the largest ever in a sanctions case, were imposed on China’s largest publicly traded telecom manufacturer for its involvement in a six-year-long conspiracy to acquire U.S. technology, incorporate them into ZTE 000063, -1.80% equipment and ship the goods to Iran, U.S. officials said.

“The highest levels of management within the company approved the scheme” and the company “repeatedly lied to and misled federal investigators,” said Mary McCord, who runs the Justice Department’s national security division.

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