[size=4]ZTE settles US Commerce Department sanctions case, will pay US$1 billion fine[/size=5]
http://www.scmp.com/news/china/policies-politics/article/2149787/zte-settles-us-commerce-department-sanctions-case-will
Speaking in a CNBC interview, Ross said the deal includes a US$1 billion penalty against ZTE and a US-selected compliance team to be embedded at the company to prevent further violations of the sort that prompted the Commerce Department to cut ZTE off from its US suppliers.
The settlement also requires ZTE to put US$400 million in escrow to cover any future violations and change its board of directors and executive team within a month..
“We are literally embedding a compliance department of our choosing into the company to monitor it going forward. They will pay for those people but the people will report to the new chairman,” Ross said in the interview.