Chinese telecoms equipment maker ZTE Corp may pay more than $1 billion to the US government to resolve years-old allegations of foreign bribery, reports Reuters, citing inside sources.
This year, the Justice Department has moved ahead with a US investigation into ZTE for allegedly violating the Foreign Corrupt Practices Act in South America and other regions, the sources said. The act prohibits payments or anything of value to foreign officials to obtain business.
US officials are working on a resolution that could see ZTE pay more than $1 billion, the sources said, or possibly $2 billion or more, one said, based in part on alleged gains from corrupt contracts.