ZTE has made changes to its leadership structure and paid $1.4 billion in fines to escape the US imposed banning order that threatened to bring it to its knees
The US Department of Commerce has agreed to lift the ban precluding ZTE from doing business in the US.
A deal was agreed to lift the banning order earlier this month, when President Trump intervened at the eleventh hour, offering an olive branch to the Chinese smartphone manufacturer.
As part of the deal, ZTE had to agree to wholesale changes to its board structure, and pay a $1 billion fine, both of which it has already done. ZTE was also required to place $400 million in escrow, set aside against future transgressions, and this amount has now been debited, according to a report on Reuters.
ZTE halted its entire production operations earlier this year, as the banning order looked certain to push the firm out of business. However, President Trump’s last-minute intervention appears to have provided ZTE with a lifeline.
As of Friday evening, ZTE was no longer on the denied persons list.