"The U.S.is thinking and acting like a bully - only it can have high tech and others cannot", Hua Chunying, spokeswoman for China's foreign ministry, said in response to reports that the U.S. Treasury Department is considering further measures to limit transactions for Chinese technology.
The company contends that the U.S. Bureau of Industry and Security "ignored" its "diligent work" and progress it has made in complying with the law, calling the punishment, "unfair".
It is "unacceptable" that the USA side insists on unfairly imposing the most severe penalty against ZTE, even before the completion of an investigation, the statement said. In 2017, ZTE invested over 50million USA dollars in its export control compliance program and is planning to invest more resources in 2018, the statement said.
Yin Yimin, chairman of ZTE, said at a press conference held on Friday afternoon that the company is firmly opposed to the US ban, which is likely to put the company "in shock" and cause direct losses to its global clients, including carriers and consumers, and its shareholders.More news: Fox News' Judicial Analyst Absolutely Shreds Hannity's Cohen Claim
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As part of the settlement for violating trade sanctions on Iran and North Korea, ZTE had agreed to pay US$1.2 billion in penalties to the USA government in return for a suspended seven-year ban during a probationary period.
ZTE pleaded guilty in March 2017 and agreed to pay a $1.19 billion penalty for shipping equipment to Iran and North Korea in violation of usa regulations. ZTE had promised to dismiss four senior employees and discipline 35 others involved in the trade violation by either reducing their bonuses or reprimanding them. It would also handicap the mainland's ability to build the world's largest 5G network by the end of this decade.
Earlier this week Washington announced that ZTE had failed to comply with some terms of that agreement, and that it would re-impose the seven-year ban on the company. ZTE said that they created several compliance teams (some led by the CEO) and hired external consultants to formulate training, operations, and procedures to ensure that their products won't be sold to embargoed nations. ZTE, however, claims in a statement that it is boosting export compliance and needs more time to investigate. She said the USA actions go against the principles it espouses of equality, fairness and reciprocity.
ZTE said it will not give up efforts to solve problems through communication, and it is determined to take judicial measures to protect the legal rights and interests of the company.