IT

ZTE Business Operations Grind to a Halt Due to US Export Ban

ZTE Business Operations Grind to a Halt Due to US Export Ban

Chinese telecommunications giant ZTE is ceasing all "major operating activities" after being hit by sanctions from USA regulators.

ZTE was hit by a ban last month from Washington, forbidding US firms from supplying it with components and technology after it was found to have violated USA export restrictions by illegally shipping goods to Iran.

On Wednesday, May 9, ZTE announced in an exchange filings that it is ending major operating activities following the imposed ban by the Department of Commerce.

"As of now, the company maintains sufficient cash and strictly adheres to its commercial obligations subject in compliance with laws and regulations", it said.

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In addition to this ban, the company faces several other issues related to USA trade.

The company says that it's working with the U.S. government to get the ban reversed, but there's no progress on that front so far.

ZTE may not be the most well-known brand in the United States, but just last year it was the fourth-largest smartphone vendor in the region, and it has offered some mold-breaking products such as last year's dual-screened Axon M. But the Commerce Department has asserted that ZTE's practices were egregious and included a surreptitious system to sell American-made goods in Iran.

The Chinese firm did not respond to calls and messages from Reuters seeking comment.

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The announcement comes days after ZTE said it had asked the Commerce Department's Bureau of Industry and Security to suspend the ban and had submitted extra information to bolster its case.

A ZTE employee told Reuters that staff had been reporting to work as normal but "with not much to do".

One ZTE employee said manufacturing had ceased and workers are keeping busy with training, Nikkei reported.

It's been unclear what would become of ZTE for the past few weeks following an export ban against the company earlier this year by the United States government.

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