ZTE reaches settlement with US authorities over export violation charges

WASHINGTON - Chinese telecom equipment maker ZTE Corp said on Tuesday that it has reached settlements with US authorities over US export controls and sanctions charges.

The Chinese company has agreed to pay a criminal and civil penalty of about $892 million and an additional penalty of $300 million which will be suspended during a seven-year probationary period to deter future violations, the ZTE said in a statement posted on its website.

In order to improve its export control compliance, the ZTE has appointed new CEO and made major changes to the senior management team, according to the statement.