Published: Sat, April 21, 2018
Markets | By Terence Owen

United States acting as a bully to stifle our scientific development: China

United States acting as a bully to stifle our scientific development: China

On Friday ZTE said that the denial order would not just impact severely the development and survival of ZTE, but would cause damages to ZTE's partners including a large number of companies in the U.S.

ZTE immediately suspended trading of its shares on Chinese stock markets and delayed an earnings release.

Consumer activists and technology experts are advising consumers to hold off on buying Android handsets from China's ZTE until the company clarifies whether USA sanctions against the company prevent it from providing operating system updates for its devices.

Until the company assures that it will be able to keep delivering updates to the Android gadgets, people should hold off on buying ZTE phones, consumer groups in the United States said, Reuters reports. Specifically, Washington said that ZTE had failed to reprimand certain employees as required by the earlier settlement.

The company' statement therefore said "It is unacceptable that BIS insists on unfairly imposing the most severe penalty on ZTE even before the completion of investigation of facts, ignoring the continuous diligent work of ZTE and the progress we have made on export compliance".

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In their response, ZTE claims that (in spite of the DOC's opinion and ruling) the company has made huge strides toward reconciling their exports to bring them into code with the U.S.'s current embargoes.

The ban from the US Commerce Department's Bureau of Industry comes after ZTE pleaded guilty in March 2017 to illegally shipping US equipment to Iran and North Korea. Seven years is certainly severe, given that US -based companies make north of a quarter of the components used in the company's handsets, according to estimates. As many as 65,000 employees have also taken part in compliance training, and the Shenzhen company is planning to put more resources into compliance this year, it said in the statement.

The statement continued by saying ZTE would not give up efforts to resolve this issue via communication and is determined, if deemed necessary, to take judicial measures in order to protect the legal interests and rights of the company, it shareholders and employees and fulfill obligations to its worldwide customer base, end users, and suppliers.

"We're going to have to see how this unfolds".

China is set to implement a set of new national standards on compliance management systems on July 1, as the government steps up efforts to monitor companies' overseas operations and strengthen their compliance management to curb risk.

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