"ZTE Corporation pleaded guilty today to conspiring to violate the International Emergency Economic Powers Act (IEEPA) by illegally shipping US-origin items to Iran, obstructing justice and making a material false statement," the release stated on Wednesday.
According to a court document, ZTE secured contracts with Iran for illegal shipments in December 2010. Under the contracts, the Chinese company agreed to deliver the “self-developed equipment,” and receive payments for the projects and oversee the entire network.
ZTE temporarily stopped unauthorized sales of American equipment to Iran in 2012, but then resumed its business and renewed licenses nearly a year after. The company attempted to conceal all information related to dealings with Iranian customers, the release noted.
The corporation will now pay nearly $900 million in fines to the US government, the release added.
