ZTE to Pay $892 Million to U.S., Plead Guilty in Iran Sanctions Probe

Chinese telecommunications giant ZTE Corp. has agreed to pay $892 million in fines and plead guilty to violating U.S. sanctions on Iran and obstructing justice, ending a five-year probe that has raised trade tensions between the U.S. and China.

The penalties, among the largest ever in a sanctions case, were imposed on China’s largest publicly traded telecom manufacturer for its orchestration of a six-year-long conspiracy to acquire U.S. technology, send it to Iran and mask its involvement through a network of front companies, officials said.