Reportedly, ZTE Corp., Chinese Equipment and Smartphone Maker to Appeal U.S. Export Restrictions
On March 7, the U. S. Commerce Department imposed certain sales restrictions on ZTE Corp; the Chinese equipment and smartphone maker, in relation to Iran sanctions violation. The restrictions are believed to impact the company's global supply chain along with creating shortage for certain parts.
Sources familiar with the matter say that, ZTE Corp plans to appeal the export restrictions that have been imposed on it, seeking to undo a ban on U. S. suppliers from providing crucial components to the company. According to a senior Commerce Department official, "The U. S. Department of Commerce and ZTE Corp are in ongoing discussions. These discussions have been constructive, and we will continue to seek a resolution."
However, how much time that the appeals process will take is still not clear. In usual cases it could take one year or further for export bans to be lifted for a company. In case U. S. government desires, it can act faster. ZTE shares have been under a trading halt since March 7 in Hong Kong and Shenzhen. It was expected to be resumed on Wednesday said a source. Some people say that the ban is more severe than expected and might affect the company in a big way.
Last week, ZTE said it "has been working with associated U. S. government departments on investigations since 2012 and maintains constant communication with associated departments and is committed to fully address and resolve any concerns."
New Zealand News
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