HONG KONG Chinese telecoms equipment group ZTE Corp (000063.SZ) (0763.HK) said on Friday it has won a further reprieve to Feb. 27 on export restrictions that were imposed on the company by the U.S. government.
In March, the U.S. Commerce Department hit ZTE with some of the toughest-ever U.S. export restrictions for allegedly breaking sanctions against Iran but has since issued temporary reprieves on the curbs.
The latest reprieve comes after ZTE said this week it had appointed Matthew Bell as its new chief export compliance officer based in the United States.
If imposed, a ban for U.S. component makers and software firms to do business with ZTE could cut off much the Chinese network equipment and smartphone maker’s supply chain.
ZTE’s stock was largely flat in early Friday trade but is down 34 percent for the year to date due to uncertainty over the export restrictions.
ZTE said it will continue to cooperate with the relevant U.S. government departments to reach a final solution on the matter and strictly comply with relevant U.S. laws.
(Reporting by Donny Kwok; Editing by Edwina Gibbs)
Follow Arabian Post
Select Arabian Post as your preferred source on Google and MSN News for trusted business news and Arab politics and updates.
