ZTE ceases 'major operations' following U.S. ban after failure to reverse

ZTE's booth during Mobile World Congress in Barcelona

Some of the company's products, which includes smartphones and telecommunications equipment, appeared to no longer be for sale online on Wednesday. Earlier today, ZTE published a regulatory document that states, among other things, that it has stopped major operations.

In its statement to the stock exchange Wednesday, ZTE said that it maintains sufficient cash as of now and "strictly adheres to its commercial obligations subject to compliance with laws and regulations". No further details were offered.

The decision of the ban came after the company was accused of violating US sanctions by shipping usa goods and technology to Iran.

The United States slapped ZTE with the export ban until 2025 because the company reportedly violated sanctions against Iran and North Korea. The company said it identified and self-reported the issues and took corrective measures. Meanwhile, this is just one example of the looming US-China trade war, which heavily involves technology companies like ZTE and Huawei.

Washington moved in March to punish Beijing for what is says is China's theft of USA intellectual property. Each side have threatened to implement billions of value of tariffs on items from the opposite nation.

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According to the USA government, the company used an elaborate system to sell US -made goods there. ZTE was slapped with a seven-year ban prohibiting it from any transactions with the USA for breaching the terms of a settlement related to its business dealings with Iran. ZTE denies the declare. In the meantime, ZTE will continue to get supply of components from Taiwanese semiconductor company MediaTek. Then, to hide its activities, ZTE allegedly lied and deleted emails to cover its tracks and actively sought to resume shipments during the investigation.

ZTE was founded in 1985 and stayed in business for 33 years.

Chinese mobile and networking firm ZTE has announced it is shutting down just weeks after being hit with a USA government ban.

The ban will hurt the company's smartphone division immensely as it forbids it from using Qualcomm chips in their devices.

Fieldhack said Qualcomm would likely see the largest impact to its business. It depends on U.S. parts: chips made from California-based Qualcomm account for more than half of its phones shipped globally and nearly all of its phones in the USA, according to Counterpoint. The order emphasizes that ZTE stated it had already begun the process of admonishing its employees in November 2016, about a year and a half before disciplinary action was in fact taken.

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