ZTE is set to unveil a new board to meet US terms for lifting a trade ban after shareholders voted on the plan at a heated AGM, Reuters reported.
Speaking to investors following the behind closed doors meeting, the news publication said some shareholders criticised ZTE for the magnitude of financial losses as a result of the US sanctions, which led to the company suspending a number of operations in May.
Although the result of the investor vote is yet to be published by the company, Reuters said the change was expected to be confirmed having already been outlined in mid-June.
ZTE’s management overhaul is part of a settlement thrashed out with US authorities, which also included the payment of a $1 billion fine, a sum media in China reported had already been paid, and $400 million to be placed in an escrow account.
While shareholders discussed measures to meet conditions of the US deal, the terms of the agreement itself are reportedly still being finalised.
In a separate Reuters report, the US Department of Commerce said it was still working on the definitive details for the agreement, which were meant to have been completed last week. Reuters’ sources added the US was also still waiting for the $400 million escrow payment.
Moves made by both sides follow a vote in the US Senate last week to pass an amendment to the country’s defence bill that threatens to overturn the settlement, a signal the US political tussle over the issue is far from over.