China's ZTE Confronts Over $1 Billion US Settlement for Foreign Bribery Allegations
ZTE faces massive US fine for alleged bribery in South America.
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Chinese telecommunications equipment manufacturer ZTE Corp is negotiating a settlement exceeding $1 billion with the United States
US government to resolve long-standing allegations of foreign bribery, according to two sources familiar with the matter. The potential penalty, which could reach $2 billion or more, stems from alleged violations of the Foreign Corrupt Practices Act in South America and other regions.
US government to resolve long-standing allegations of foreign bribery, according to two sources familiar with the matter. The potential penalty, which could reach $2 billion or more, stems from alleged violations of the Foreign Corrupt Practices Act in South America and other regions.The Justice Department has accelerated its investigation this year into ZTE's alleged payments to foreign officials to secure telecommunications contracts. The FCPA prohibits offering anything of value to government officials to obtain business advantages. U.S. officials are basing the settlement amount partly on alleged gains from corrupt contracts, with the most recent bribery-related conduct occurring in 2018.
