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tiptrot.com June 24, 2018


Huawei now under criminal investigation over Iran trade

26 April 2018, 06:46 | Bernice Figueroa

ZTE says US ban will 'severely impact' its survival and partnerships

ZTE smart phone

It also said it had invested in export control compliance, provided compliance training to staff and cooperated with the work of independent compliance monitors, the company added.The US Commerce Department has granted a request from ZTE to submit more evidence after the agency imposed the ban, a senior Commerce official said on Saturday. The New York Times last April reported the U.S. Treasury's Office of Foreign Assets Control subpoena, issued in December 2016, following a Commerce Department subpoena that summer.

The action was sparked by ZTE's violation of an agreement that was reached after it was caught illegally shipping USA goods to Iran. It started years ago with the accusation that the Chinese government uses companies like Huawei and ZTE to spy on other countries like the US.

Details on specific violations the DOJ's Huawei investigation is probing are not known yet.

A spokesman for the Justice Department declined to comment. "In 30 years, not a single operator has experienced a security issue with our equipment".


We see Ciena (CIEN, $26.36, Buy), Infinera (INFN, 11.56, Hold), and possibly Nokia (NOK, $6.00, NC) as potential winners from any incremental sanctions against Huawei.

Huawei was founded in 1988 by former Chinese army engineer Ren Zhengfei, leading to congressional concerns over Chinese military and government influence at the company.

Following a somewhat gloomy outlook from Apple's main supplier of semiconductors, Taiwan Semiconductor Manufacturing Co., markets are also losing confidence in Chinese hardware makers.

Huawei's struggle against the USA government seems to have taken yet another turn. Big box electronics retailer Best Buy said last month that it would stop selling Huawei smartphones. Earlier Wednesday, the company dropped a planned dollar-denominated bond sale and delayed pricing a European offering.



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