Chinese telecommunications equipment maker ZTE has apologised to both its staff, and the consumers after it finally revealed a deal to return to the US.
It has also pledged to get back to work as soon as possible, and to restructure its leadership to make sure the company sticks to what it agrees with other companies and different governments.
Yesterday, it was announced that the company agreed to pay a $1 billion fine in order to have the ban lifted.
“This issue reflects problems that exist with our firm’s compliance culture and at management level,” Yin wrote, according to Reuters, adding the incident was caused by the mistakes of a few ZTE leaders and employees.
The US had banned local companies from doing business with ZTE a few months back. It was unveiled that ZTE exported its products to North Korea and Iran, countries under US embargo. It wouldn't be a big deal if ZTE hadn't used US-built parts for its products, thus breaking the agreement it had with the US government.
The ban basically put the company out of business, with employees reporting to work, but having nothing to do. Representatives of the Chinese government met with their US counterparts on more than one occasion, looking for a solution. The media were reporting of a possible fine, but also of an arrangement in which China would buy more agricultural products from the US.
ZTE will now have 30 days to change its board and management.
Image Credit: Flickr / Kārlis Dambrāns