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November 16, 2016

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ZTE picks new exec ahead of sanctions

CHINESE telecoms equipment group ZTE Corp, facing US sanctions that could come this month, yesterday said it has appointed a new chief export compliance officer based in the United States.

Matthew Bell was appointed chief export compliance officer and legal counsel, and will also serve as chief compliance officer and legal counsel for ZTE USA, the firm’s US subsidiary, the company said.

An imposition of a ban from November 28 for US component makers and software firms to do business with ZTE threatens to cut off much of the supply chain for the Chinese network equipment and smartphone maker.

The US Commerce Department ordered the trade ban in March this year over allegations that ZTE violated US sanctions on Iran by selling products with US technology in the country. It subsequently gave ZTE reprieves that were extended to November 28 while the company seeks to reach a settlement.

ZTE’s share price in Hong Kong has fallen 33 percent this year.



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