The trade war has a new victim

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Photo: Jason Lee / Reuters

Chinese smartphone maker ZTE, the management was changed at the request of the US authorities, reports “Interfax” with reference to the materials of the company to the Hong Kong stock exchange.

The company fired chief Executive officer (CEO) and five top managers, including chief financial officer. They will no longer hold any positions in ZTE. Zhao Sanmina at the head of the Corporation was replaced by the former President of Telecom and cloud division Xu Ziyang. A new financial Director was Li Ying who before held the position of Vice President of the financial Department.

In January, the U.S. imposed sanctions on ZTE for illegal shipments to Iran and North Korea — she was fined 1.2 billion dollars. Part of this sum was allowed to pay with a delay.

In April, the U.S. Treasury announced that ZTE does not fulfill all the conditions concluded with the Washington agreement. The company was banned for seven years to buy products of American manufacturers. After that, she announced the suspension of its operations. It was noted that it has the necessary financial reserves and intends to fulfill all its obligations.

The restrictions coincided with a trade war unleashed by the US against China, EU, Canada, Mexico and several other countries.

22 may it became known that the US and China agreed on the conditions for lifting the ban. For that ZTE had to carry out large-scale changes in the leadership.

July 4, the American Ministry of Finance has allowed ZTE to partially resume operations. The company is committed to comply fully with the requirements of the authorities by 1 August.

Video, photo All from Russia.

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