ZTE signs preliminary agreement to lift U.S. ban

ZTE will reportedly pay total of $1.7B to lift US Commerce Department ban

ZTE will reportedly pay total of $1.7B to lift US Commerce Department ban

The sources told Reuters that ZTE would also have to post calculations of these components to a public website and replace its board and executive team within 30 days. This deal has been highly controversial, as a number of members of the U.S. Senate, including lawmakers from both the Republican and Democratic parties, have stated ZTE's phones are a major security threat, claiming they could be used by the Chinese government to spy on U.S. citizens.

ZTE did not immediately respond to requests for comment. The move will allow the company to get back into the business.

The report says that ZTE has signed an agreement in principle drawn up by the United States, but it has not signed anything definitive.

Sources told the outlet that ZTE signed a US "agreement in principle" over the weekend, but had not yet signed an amended version.

Reuters reported exclusively on Tuesday that ZTE had signed a preliminary agreement with the U.S. Commerce Department, along with the fine and other terms. The U.S. also needs China's help negotiating the denuclearization of North Korea ahead of a June 12 summit between President Donald Trump and North Korea's Kim Jong Un.

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ZTE has pledged to fire four senior employees and discipline 35 others as a result of the guilty verdict it received in a Texas court where one of its subsidiaries are based. Smaller makers of optical components, including Oclaro and Acacia, rely more heavily on ZTE's business. The company was allowed continued access to the USA market under the 2017 agreement.

A new report claims ZTE has signed a preliminary agreement with the USA government that would allow it to once again use parts from US phone suppliers.

As part of a new agreement, the sources said, ZTE will retain another compliance contractor in addition to the three-year court-appointed monitor imposed by the plea agreement.

Last year, ZTE paid over $2.3 billion to USA suppliers, a senior ZTE official told Reuters last month.

Oclaro shares are up 1.1%.

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