Details of the deal reached between the White House and Beijing regarding bad-actor telecoms firm ZTE have been made public, Reuters reports, stipulating a series of management changes in addition to the monetary penalty outlined last week.
ZTE will pay a total of $1.7 billion, which includes the $361 million paid during the company’s initial transgressions in March 2017, a $1 billion fine previously mentioned, and $400 million to be kept in a US bank account for 10 years as collateral should ZTE commit further violations within the period.
In terms of management, all members of ZTE leadership at or above the senior vice president level will step down from their position, and the board of directors must be replaced within 30 days.
The government ban that triggered the negotiations will not be lifted until the $400 million is paid, the ministry said.
