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US bars China's telecom giant ZTE from buying US components
FILE- In this Feb. 26, 2014, file photo, a sign for the ZTE booth is seen at the Mobile World Congress, the world's largest mobile phone trade show in Barcelona, Spain. The U.S. Commerce Department is blocking Chinese telecommunications giant ZTE Corp. from importing American components for seven years, accusing the company of misleading U.S. regulators after it settled charges of violating sanctions against North Korea and Iran. (AP Photo - Manu Fernandez)
By PAUL WISEMAN
From Associated Press
April 16, 2018 12:29 PM EST

WASHINGTON (AP) — The U.S. Commerce Department is blocking Chinese telecommunications giant ZTE Corp. from importing American components for seven years, accusing the company of misleading U.S. regulators after it settled charges of violating sanctions against North Korea and Iran.

Shenzhen-based ZTE agreed in March 2017 to plead guilty and pay $1.19 billion for illegally shipping telecommunications equipment to North Korea and Iran. ZTE promised to discipline employees involved in the scheme.

But Commerce said Monday that ZTE paid full bonuses to several of those involved, then lied about it.

"ZTE misled the Department of Commerce. Instead of reprimanding ZTE staff and senior management, ZTE rewarded them," Commerce Secretary Wilbur Ross said. "This egregious behavior cannot be ignored."

Commerce officials said the sanctions were unrelated to ongoing disputes over China's aggressive attempts to obtain U.S. technology and overproduction of steel and aluminum.

The ZTE news drove down stocks in companies that stood to lose business. In early afternoon trading, Acacia Communications shares were down nearly 35 percent, Oclaro Inc.'s nearly 13 percent and Lumentum Holdings' almost 7 percent.

____

AP Markets Writer Marley Jay contributed to this story

Copyright 2018 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.