China's ZTE Plans To Take Last Step To Lift U.S. Ban
In order for a ban on U.S. suppliers to be lifted China's tech giant ZTE is expected to deposit $400 million in an escrow account in a U.S. bank in the “next couple of days." According to Reuters ZTE also agreed in a June 7 settlement meeting with the U.S. Commerce Department to pay a $1 billion penalty. Those familiar with the matter said ZTE paid the $1 billion penalty last week. Under the new settlement ZTE also agreed to change its board and leadership within 30 days.