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ZTE Communicating with US Department of Justice Over Compliance Probe Related to Foreign Corrupt Practices Act, Will Protect Rights Through Legal Means
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ZTE (00763.HK) announced that it had noticed the recent media reports regarding an investigation into its compliance with the US Foreign Corrupt Practices Act (FCPA). It is now in ongoing communication with the US Department of Justice regarding the relevant matters and will defend its rights and interests through legal means and other measures. The announcement also stressed that ZTE commits to comprehensively strengthening its compliance system and building an industry-leading compliance framework. The company opposes all forms of corruption and maintains a zero-tolerance policy toward any individuals who may be involved in such activities. Its current production and operations remain normal. An earlier Reuters report cited sources as disclosing that ZTE may pay the US government over USD1 billion or even as much as USD2 billion or more to settle allegations of overseas bribery that have persisted for years. ZTE's shares ended the midday at HKD28.68, down 9.4%, with a volume of 54.0707 million shares, involving HKD1.578 billion. AAStocks Financial News |
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