PEKING (Reuters) – China's ZTE ( 0763.HK ) ( 000063.SZ ) seeks a resolution on an American ban on the sale of parts and software threatens its survival.
ZTE "has learned from its experience with export control and attaches great importance to the work on export control compliance," said the mobile phone and telecommunications company in a statement to the Hong Kong Stock Exchange.
ZTE "makes active communication with relevant parties and seeks a solution to the US export refusal order," reads the statement.
U.S. Authorities banned American companies from selling to ZTE last week for seven years and said the Chinese company had broken a settlement agreement with repeated false statements ̵
The lawsuit was triggered by ZTE's violation of an agreement reached after US goods were illegally shipped to Iran.
ZTE said Sunday it has set up a compliance management committee under the direction of its chief executive officer.
It also said it had invested in export control compliance, conducted employee compliance training, and collaborated with independent compliance observers, the company added. The US Department of Commerce has asked ZTE to submit further evidence to the agency banning the ban, a senior sales representative said Saturday.
coverage by Twinnie Siu and Elias Glenn; Editing by Keith Weir