Hong Kong — A departing senior executive at China’s ZTE, which is fighting a crippling US supplier ban, said in a letter to staff on Friday that his departure amid a Sino-US trade war was "deeply humiliating". Zhang Zhenhui was one of scores of executives at China’s second-biggest telecommunications equipment maker ordered to leave as part of a $1.4bn settlement ZTE reached with the US in June to end a seven-year supplier ban. ZTE, which relies on US suppliers for core components, had to cease major operations in April after the US government imposed the ban, saying the firm broke an agreement to discipline executives who conspired to evade US sanctions on Iran and North Korea. As part of the settlement, ZTE agreed to pay a $1bn fine, put $400m in escrow and hire a US-appointed compliance monitor. It also agreed to replace its board and remove all members of its leadership at or above senior vice-president level along with any executives associated with the wrongdoing, within 30 day...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00.