The announcement from Telstra comes as ZTE's main business operations cease, due to the ban imposed by the US Government.
ZTE, whose shares have been suspended since the imposition of the ban, said in its statement it has sufficient cash and will adhere to its commercial obligations. Between 2010 and 2016, the company shipped $32 million worth of equipment to Iran that included US components without authorization.
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Chinese telecommunications giant ZTE is ceasing all "major operating activities" after being hit by sanctions from US regulators. According to a report in Reuters, MediaTek had obtained an export permit to sell parts to ZTE. ZTE was hit by a ban last month from Washington, forbidding US firms from supplying it with components and technology after it was found to have violated USA export restrictions by illegally shipping goods to Iran. The ban has been in effect for over three weeks and ZTE is hurting.
The US Department of Commerce's Bureau of Industry and Security (BIS) in April imposed the denial of export privileges against ZTE. The decision came after it was revealed the company allegedly made false statements to US officials.
ZTE was accused by the U.S. Department of Commerce of illegally shipping U.S. equipment to Iran and North Korea. ZTE was slapped with a seven-year ban prohibiting it from any transactions with the United States for breaching the terms of a settlement related to its business dealings with Iran.
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Still, a vast majority of Americans, 76 percent, believe that President Trump should cooperate if he's asked to be interviewed for the investigation.
Even a USA delegation went to Beijing last week to explore the brewing trade battle with their Chinese counterparts. They already paid a record fine of nearly $900 million.
We'll keep you posted as this situation continues to unfold.
"We fully understand high-tech factories' characteristic of fast-paced shipments of goods, we won't create obstacles for the pace of their exports", a trade official told Reuters on Monday.
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We will look tomorrow and see what damage has been done, he is a little bit anxious (about Kiev) but says it's something minor. The result: "We've experienced a great football match, and at the end it's a draw, which I'm not sure is deserved or not".
Employees at ZTE's headquarters in the southern Chinese technology hub of Shenzhen were cagey about speaking to reporters after the ban was announced, but some voiced concerns.
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