REPORT: Chinese company stops business operations after US ban


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Chinese telecommunications giant ZTE is ceasing all “major operating activities” after being hit by sanctions from U.S. regulators.

The company announced the move in a securities filing on Wednesday. It blamed a decision from the Commerce Department banning U.S. businesses from selling to the Chinese firm, after it pleaded guilty to conspiring to sell technology to Iran in violation of U.S. sanctions.

The article goes on to state the following:

“As a result of the Denial Order, the major operating activities of the Company have ceased,” ZTE said in the filing.

“The Company and related parties are actively communicating with the relevant U.S. government departments in order to facilitate the modification or reversal of the Denial Order by the U.S. government and forge a positive outcome in the development of the matters.”

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