US fines China's ZTE $1.2 bn for violating Iran, N.Korea sanctions

US fines China's ZTE $  1.2 bn for violating Iran, N.Korea sanctionsThe US government has slapped $ 1.2 billion in fines on Chinese telecom giant ZTE for violations of US export controls for selling goods to Iran and North Korea, officials announced Tuesday. It is the largest criminal penalty in US history in an export control case, US officials said, though there have been larger fines involving financial firms. The company will immediately pay $ 892 million, while another $ 300 million in penalties are suspended for seven years.

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