On the evening of March 7, ZTE announced today that the company has reached a settlement with the US government on the US government export control investigation case. The signing of the agreement between ZTE and the US Treasury’s Office of Overseas Assets Control will take effect, and the agreement with the US Department of Justice will be effective after approval by the North District Court of Texas. The court's approval of the agreement with the US Department of Justice is a prerequisite for the US Department of Commerce's Bureau of Industry and Security (BIS) to issue its order with ZTE.
As part of the settlement agreement, ZTE agreed to pay a criminal and civil penalty of US$892,360,064. In addition, a $300,000,000 fine was imposed on the US Department of Commerce's Bureau of Industry and Security. Whether or not to pay depends on the company's compliance with the agreement for the next seven years and continues to accept independent compliance monitoring and auditing.
Zhao Xianming, chairman and CEO of ZTE Corporation, said: "ZTE acknowledges that it is in violation of US export control laws and regulations and is willing to assume corresponding responsibilities. The company will continue to actively commit to change, and has developed a new compliance process and major personnel adjustments. We have learned a lot from this experience and will strive to be a model of export control compliance governance, and we are committed to building a new, compliant, healthy and trustworthy ZTE."
Zhao Xianming was appointed as Chairman and CEO of ZTE in April 2016. He is determined to build a new ZTE with a first-class export control compliance system.
Zhao Xianming said: "The settlement with the US government will enable ZTE to gain a more solid foundation for future development. We thank all customers, partners, employees and stakeholders who support us in the most difficult times. With the signing of the settlement agreement and the establishment of a sound compliance system, we are confident to continue to cooperate with all partners including customers and suppliers to achieve business growth, continue to provide innovative technical solutions, and implement our development strategy. Create a new ZTE."
American lawyer Matt Bell was appointed as the chief export control compliance officer of ZTE in November 2016. He said, "ZTE has made great progress in establishing a world-class compliance system. I look forward to working with the company management. Efforts to further build and improve our business operations and processes. We are creating a global team of experienced compliance professionals. At the same time, we have strengthened compliance training at all levels of the company. We are constantly reviewing and Improve systems and processes to adapt to changing compliance trends and strive to leverage our strong compliance system to strengthen our strategic advantage in the marketplace. Our global legal and compliance professionals will continue to identify the company's risks, And continuously improve the efficiency of the compliance system."
Under the leadership of Zhao Xianming, ZTE focuses on strengthening its process control measures and continues to build a strong compliance culture throughout the organization. In recent months, the company has undergone significant changes to create a leading export compliance system and has taken the following steps:
New CEO and company management team. ZTE appointed Zhao Xianming as chairman and CEO, and made major adjustments to the senior management team. All members of the management team shoulder the mission of building a new ZTE with a first-class export control compliance system.
New compliance management committee. ZTE has established a new compliance management committee led by the CEO to make major changes to the company's systems and processes, and to strengthen the emphasis and support for compliance management.
Reorganize the Legal and Compliance Management Department. ZTE separates the compliance function from the legal department, establishes an independent compliance management department, increases compliance professionals, and ensures the independence of the compliance department.
Appointed an American lawyer as the Chief Export Compliance Officer. Mr. Matt Bell, the US attorney, was appointed as the company's Chief Export Control Compliance Officer, overseeing and advancing the continued development and improvement of the global export control compliance system. Mr. Matt Bell has extensive experience in creating and improving compliance systems for large multinational companies.
Improve the Export Control Compliance Manual. ZTE has released a new Export Control Compliance Manual that has been reviewed by BIS to provide employees with more detailed compliance guidelines. At present, ZTE requires all employees to sign the “Compliance Commitment†every year.
New automated tools and processes. ZTE has adopted a new automated management and control tool to scan products from ZTE and certain subsidiaries to meet export control requirements. The system automatically identifies items subject to the US Export Control Regulations (EAR) and controlled counterparts, intercepting shipments requiring detailed code analysis, applying for licenses or licensing exceptions. ZTE will continue to increase its investment in automation compliance control and promote it to subsidiaries around the world.
Global export control training. In 2016, ZTE has trained more than 45,000 employees around the world in laws and regulations related to export control and sanctions. In 2017, ZTE will continue to conduct general awareness training for all employees and conduct targeted training for key departments such as sales, procurement, R&D and supply chain.
After the court approves the agreement of the Ministry of Justice and the US Department of Commerce's Bureau of Industry and Security issues a settlement order, the Bureau of Industry and Security will recommend removing ZTE from the list of entities.
Zhao Xianming stressed: "ZTE has established a good partnership with many US suppliers and provided nearly 130,000 high-tech jobs. As we continue to improve efficiency in operations and strengthen innovative leadership on 5G, ZTE The communication is expected to achieve good overall performance. With the support of global partners, the company expects to continue to grow and expand its business in the next few years."
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