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Sunday, June 24, 2018

US reveals ZTE settlement details, ban still in place

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ZTE Corp's settlement with the US Commerce Department that would allow China's No. 2 telecommunications equipment maker to resume business with US suppliers was made public on Monday, days after the company agreed to pay a $1 billion fine, overhaul its leadership and meet other conditions.

But the ban on buying US parts, imposed by the department in April, will not be lifted until the company pays the fine and places $400 million more in escrow in a US-approved bank, the agency said.

---Reuters, Washington

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