ZTE gets fifth consecutive reprieve from US export curbs
Shortest granted yet by the Bureau of Industry and Security of the US Department of Commerce, extending company’s temporary general license to March 29
ZTE Corp has been granted a reprieve for the fifth time from United States export restrictions over the violation of long-standing trade sanctions on Iran.
Shenzhen-based ZTE, China’s largest listed telecommunications equipment supplier, said in a regulatory filing on Friday that the Bureau of Industry and Security of the US Department of Commerce has extended the company’s temporary general license to March 29.
That represents the shortest reprieve granted by Washington to ZTE.
The company had previously received four consecutive extensions, each of which were valid up to three months, since March 24.
Its share price opened at HK$12.82 on Friday, up from Thursday’s close of HK$12.76, but slipped 1.41 per cent to reach HK$12.58 at the end of trading.
The latest filing followed ZTE’s announcement last week that a settlement of the case was “expected to result in penalties – including but not limited to a fine and other relevant liabilities under US laws – imposed on the company by relevant US government departments”.