ZTE received a favourable ruling by a US court in a hearing related to alleged visa fraud, a decision the vendor noted meant a probation period imposed as part of a prior legal case could end as scheduled yesterday (22 March).
In a statement, ZTE explained the court advised it the judge had declined to revoke its probation or impose any penalties in the visa fraud hearing.
While ZTE was not charged in the visa case, Reuters reported the hearing was held to assess if the matter constituted a violation of the probation period.
The supervisory period formed part of a settlement ZTE agreed with US authorities in 2017 after admitting breaching trade sanctions covering Iran, which also resulted in the company being fined significant sums.
At ZTE’s request, trading of its shares on the Hong Kong stock exchange were halted when markets opened, but resumed in the afternoon after the decision was made public.Subscribe to our daily newsletter Back