China's ZTE pleads guilty, settles with U.S. over Iran sales

Reuters ------ Chinese telecommunications equipment maker ZTE Corp (000063.SZ) has agreed to plead guilty and pay $892 million to settle with U.S. authorities over allegations it violated U.S. laws restricting the sale of American-made technology to Iran, the company said on Tuesday. ZTE will plead guilty to conspiring to violate the International Emergency Economic Powers Act, among other charges, in the agreement with the U.S. Department of Commerce, Department of Treasury and Department of Justice. The agencies all declined comment on Tuesday. The Commerce Department investigation followed reports by Reuters in 2012 that ZTE had signed contracts to ship millions of dollars worth of hardware and software from some of the best-known U.S. technology companies to Iran's largest telecoms carrier. To get more in depth information click on the picture below to read the article.