US fines China's ZTE $1.2 billion for violating sanctions

US fines China's ZTE $1.2 billion for violating sanctions
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WASHINGTON: (APP) The US government has slapped over $1 billion in fines on Chinese telecom giant ZTE for violations of US export controls for selling goods to Iran and North Korea, officials announced Tuesday.

It is the largest criminal penalty in US history in an export control or sanctions case, government officials said.

The company will pay $892 million, while another $300 million in penalties are suspended for seven years.

ZTE agreed to plead guilty to three charges, including obstructing justice for hiding information from government investigators, the officials said.

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