China Telecom (ZTE) suspended its activities after the US embargo

China's telecommunications giant ZTE Sunday evening suspended its activities following the US government's decision to impose a ban on the company. "As a result of the embargo order (from the US government), the main operating activities of the company have been suspended," the Chinese company said in a statement to Hong Kong's stock exchange. The company said it was "in active contact" with US government agencies "to facilitate the amendment or cancellation of the ban."

In April, the United States decided to ban all US companies from dealing with ZTE after accusing the company of lying to US authorities over its dealings with North Korea and Iran. ZTE shares were suspended on the Hong Kong Stock Exchange in April. In March, ZTE admitted the transfer of technology to Iran and North Korea illegally and agreed to pay a fine of approximately $ 1.2 billion.

Share this post